


fDanusd fop l.nvecbw 

"•act y>j ■ 



LIBRARY OF CONGRESS. 



— 

||iqt.I:^.. ©ujnjrig^i Iftu 

Shelf jMlL, 

UNITED STATES OF AMERICA. 



6 '% 



Jno. A. Hamblhton. T. Edw'd Hambleton. 

BANKING HOUSE 

JNO. A. HAMBLETON & CO. 

5 SOUTH STREET. W^x ^^*^oK^ 

BALTIMORE, MARCH ist, 1884. 

Connected directly by Private Wires with New York and Philadelphia Correspondents, 
we respectfully tender our services as 

U&nl^r^ and |)p o <kfr^, 

IN THIS CITY. 

A long business experience, and ample capital, enable us to offer to our customers, 
every facility consistent with legitimate banking, and no effort will be spared to serve 
their interests. 

DEPOSIT ACCOUNTS 

received subject to Check at sight. 

Checks on our Bank pass through the Clearing House, same as Checks 
A- on National Ba$ks, ; *qqa 

DISCOUNTS GRANTED fi I &—0 ^ 

C U and advances made on- approved collaterals. 

LOANS AND COMMERCIAL PAPER 

Negotiated and Collections made on all available points. 
Being members of Baltimore Stock Exchange, all orders for purchase and sale of 

STOCKS BONDS, 

and other Securities in this market, will receive our personal attention, and out-of-town 
orders will be executed through most reliable correspondents. 

We are prepared to offer a good line of INVESTMENT SECURITIES. 

Respectfully, 

JNO. A. HAMBLETON & CO. 



WGr^V* 



i2?i 



Entered according to Act of Congress, in the year 1883, \>y 

Jxo. A. Hambleton & Co. 

in the office of the Librarian of Congress, 

at Washington. 



FROM THE PRESS OF 
GlJGGENHEIMER & WEIL, BALTIMORE. 

1884. 



. .^INDEX . <^.- ■ 



Page 
PUBLIC DEBTS. 

Debt of the United States 6-9 

Maryland State Debt 10 

Financial Condition of Baltimore City 11-12 

Baltimore City Loans 13 

Statements of Banks in Baltimore City for 1883 14 

Statements of Banks in State of Maryland for 1883 15 

Statements of Insurance Companies in Baltimore City for 1883 16 

Virginia State Debt 17-22 

North Carolina State Debt 22 

Tennessee State Debt 23 

Highest and Lowest Prices of Securities at the Baltimore Stock Exchange during 1884.. 24- 31 

RAILROADS. 

West Virginia Central & Pittsburgh , 32 

Bellaire, Zanesville & Cincinnati 33 

Baltimore & Ohio 34-36 

Cincinnati, Washington & Baltimore 37 

Pi r tsburgh & Connells ville 37 

Parkersburg Branch 38 

Baltimore & Potomac 38 

Northern Central 39 

Western Maryland 40 

Virginia Midland 41-42 

Richmond & Danville 43~45 

Norfolk & Western 46 

North Carolina 46 

Richmond & West Point Terminal 47 

Charlotte, Columbia & Augusta 48-49 

Chesapeake & Ohio 50 

Richmond & Alleghany 50 

Carolina Central 51 

Columbia & Greenville 51 

Wilmington & Weldon 52 

Wilmington, Columbia & Augusta 53 

Petersburg 53 

Memphis & Charleston 54 

Central Qhio 54 

Philadelphia, Wilmington & Baltimore -. 55-56 

Ohio & Mississippi 57 



MINING STOCKS. 

Page 

Atlantic & Georges Creek Consolidated Coal Co 58 

Monongahela Gas Coal Co 58 

Consolidation Coal Co 58-59 

Other Coal Companies 60 

Baltimore & North Carolina Copper and Gold Mining Co 60 

Conrad Hill Gold & Copper Mining Co 60-61 

Ore Knob Copper Co 61 

Silver Valley Mining Co 61 

Baltimore North State Copper & Gold Mining Co 62 

Georges Creek Coal & Iron Co 62 

MISCELLANEOUS. 

Consolidated Gas Co 62 

American District Telegraph Co 62 

Baltimore Telephone and Telegraph Co 63 

Broadway & Locust Point Steam Ferry Co 63 

Chesapeake & Ohio Canal Co 63 

York Turnpike Co ,64 

Frederick Turnpike Co 64 

Reisterstown Turnpike Co 64 

Baltimore Dry Dock Co 64 

Cotton Press Co 64 

Susquehanna Canal Co 65 

BALTIMORE CITY PASSENGER RAILWAYS. 

Citizens' Passenger Railway 65 

Baltimore, Catonsville & Ellicott's Mills Passenger Railway 65 

Central Railway 65 

Peoples' Passenger Railway , 66 

Baltimore City Passenger Railway 66 

Baltimore & Hall Springs Railway 66 

North Baltimore Passenger Railway 67 

Union Passenger Railway 67 

Canton Co 67-68 

Union Railroad 68 

Baltimore Steam Packet Co 68 

Chamber of Commerce Building Co 69 

Safe Deposit and Trust Co 69 

Brush Electric Co 69 

Merchants' & Miners' Transportation Co 69 

Baltimore Warehouse Co 69 

Newburg Orrel Co 69 

Atlanta & Charlotte Air Line 7° 



To Investors and Dealers, 



In accordance with our usual custom, we submit herewith our 
yearly Manual, containing the latest information in regard to our 
local securities and those which, from their connection with im- 
provements centering in our city, are mostly dealt in, in this 
market. The statistics contained herein are obtained from the 
most reliable sources, and with few exceptions have been confirmed 
by the officials in charge of the various corporations. 

This will be supplemented by our weekly financial letter, pub- 
lished every Saturday evening, reviewing the market for the week, 
and giving the current financial events of the times. This we will 
be pleased to mail, free of expense, to such of our customers as 

may desire it. 

Respectfully, 

JNO. A. HAMBLETON & CO. 



STATEMENT OF THE PUBLIC DEBT 

For the Month of 



INTEREST-BEARING DEBT. 



Title of Loan. 


Authorizing Act. 


Rate. 


When Re- 
deemable. 


Loan of July 12, 1882 

Funded Loan of 1891 

Funded Loan of 1907 


July 12, 1882 


d 


Option U. S. 
Sept. 1, 1891. 
July 1, 1907.. 


July 14, '70, and Jan. 20, '71. 
July 14, '70, and Jan. 20, '71. 
February 26, 1879 


4 X % 


4 % 


4 % 


Navy-Pension Fund 


July 23, 1868 


3% 





Aggregate of Interest-bearing Debt. 



DEBT OX WHICH INTEREST 



Old Debt 

Mexican Indemnity Stock. 

Loan of 1847 

Bounty-Land Scrip 

Texan Indemnity Stock.. 

Loan of 1858 . 

Loan of i860 

5-20's of 1862. (called) 

5-20's of June, 1864, (called) 
5-20's of 1865, (called) 
Ten-forties of 1864, (called) 
Consols of 1865, (called 
Consols of 1867 (called). m 
Consols ot 1868) (called).. 
Loan of February, 1861.. . 
Funded Loan, 1881, (called 
Funded Loan, 1881, (^called) 

Oregon War Debt 

Loan of July and Aug., '61 
Loan of July and August; 

1861, (called 

Loan of 1863, (81's) 

Loan of 1863, (81's) called) 
Loan of Julyi2,i882(called) 
Treas'y Notes prior to 1846 
Treasury Notes of 1846.... 
Treasury Notes of 1847.... 

Treasury Notes of 1857 

Treasury Notes of 1861.... 

Seven-thirties of 1861 

One-year Notes of 1863. . . 
Two-year Notes of 1863 . . . 
Compound-interest Notes. 
Seven-thirties of 1864 -'65.. 
Certific's of Indebtedness. 

Temporary Loan 

3 per cent. Cert's, (called) 



Various, prior to 1837 

August 10, I846 , 

January 28, 1847 

February 11, 1847 

September 9, 1850 

June 14, 1858 

June 22, i860 

February 25, 1862 

June 30, 1864 

March 3, 1865 

March 3, 1864 

March 3, 186^ 

March 3, 1865 . 

March 3, 1865 

February 8, 1861 

July 14, .70; Jan. 20, '71... 
July 14, '70 ; Jan. 20, '71 . . . 

March 2, 1861 

July 17, and Aug. 5, 1861.. . 

July 17, and Aug. 5, 1861 . . . 

March 3, 1863 

March 3, 1863 

July 12, 1882 

Various, prior to 1846 

July 22, 1846 

January 28, 1747 

December 23, 1857 

March 2, 1861 

July 17, 1861 

March 3, 1863 

March 3, 1 863 

Mar. 3, '63; June 30, '64... 
June 30, 1 64; Mar. 3, '65. . . . 
Mar. 1, 17, '62; Mar. 3, '63. 

June 30, 1864 

Mar. 2, '67; July 25, '68 



to 6 ? 



4 

5%> 

6%. 

6%.. 
5%.. 
5%- 
5%.. 
6%. 
6%.. 
6%.. 
5%.. 
6%.. 
6%.. 



6% 

6% 

5% 

5 %, Continued at 3% « 

6 % 



%, Continued at 3% \ 
% 

#, Continued at 3% \ 



-10 to 6 % . 

-10 to 6 % . 



to 6 %. 

% 

3-10 #. 



3-10 % . 
to 6 %. 



Matured at 
Matured at 
Matu'd Dec. 
Matur'd Tuly 
Matu'd Dec. 
Matu'd after 
Matured Jan. 
Matu'd Dee. 
Matu'd Nov. 
Matur'd Feb. 
Matur'd July 
Matu'd Aug. 
Matu'd April 
Matur'd July 
Matu'd Dec. 
Matur'd May 
Matu'd Dec. 
Matur'd July 
Matur'djune 

Matu'd Dec. 
Matur'djune 
Matu'd Aug. 
Matu'd Dec. 
Matured at 
Matured at 
Matured at 
Matured at 
Mat'd March 
Matu'd Aug. 
Matured at 
Matured at 
Matur'djune 
Matu'd Aug. 
Matured at 
Matur'd Oct. 
Matur'd Feb. 



Aggregate of Debt -on which Interest has ceased since Maturity. 



OF THE UNITED STATES. 
December, 1883. 



IWTEREST-BEARING DEBT. 



Interest 


Amount Outstanding. 


Interest due 
and unpaid. 


Accrued 


Payable. 


Regir ^red. Coupon. 


Total. 


Interest. 






$274,937,25° 00 

250,000.000 00 

737,632,750 00 

315,150 00 

14,000,000 00 


$33,336 49 
494,705 65 
92^,460 83 
56,727 00 
420,000 00 


$1,374,686 25 

937,5oo 00 

7,376,327 5o 

3,i5i 5° 

210,000 00 


M. J. S.and D. 
J. A. J. and 0. 


. 3 ,806,550 00 
585,768,700 00 


$57^93,45° 00 
151,864.050 00 
















1,053,512*5°° °° 


209,057,500 00 


1,276,885,150 00 


1,930,229 97 


9^01,665 25 





HAS CEASE© SIKCE MATURITY. 



various dates prior to January i, 1837 

various dates in 1851 and 1852 

31, 1867 

1, 1849 > 

31. 1864 

January 1, 1874 

*i J 77i 

1, 1871, and at subsequent dates 

13, 1875, and at subsequent dates 

15. 1876, and at subsequent dates 

9, 1879, an d subsequent dates 

21, 1877, and at subsequent dates 

1, 1879, and at subsequent dates 

4, 1879 

31, 1880 

21, 1881 , and at subsequent dates 

23, i8?2 and at subsequent dates 

1, 1881 

30, 1881 

24, 1881, and at subsequent dates 

30, 1881 

1, 1882, and at subsequent dates 

1, 1883, and at subsequent dates 

various dates from 1838 to 1844 

various dates in 1847 and 1848 

various dates in 1848 and 1849 

various dates in 1858 and 1859 ■ 

1, 1863 

19 and October 1, 1864 •..-... 

various dates in 1865 

various dates in 1866 

10, 1867, and May 15, 1868 

15, 1867, and June 15 and July 15. 186: 

various dates in 1866 

15, 1866 

28, 1873 



$57,665 00 
1,104 9 1 
1,250 00 
3,i75 00 

20,000 00 
7-oco 00 

10,000 00 

357,95° °o 

50,400 00 

60,150 00 

191,750 00 

285,850 00 

627,950 00 

101.700 00 

9,000 00 

347,050 00 

!, IIO,8oO OO 

7,000 OO 

229,400 OO 



278 

6 9 ; 

65. 

9.707. 

82 



3 

15; 
40 
3°: 

2IO 

135. 

4 



400 00 
( 8oo 00 
,150 00 
,950 00 
i525 35 
,900 00 
950 00 
.700 00 
,ooo 00 

,950 00 

,185 00 
,900 oo : 
,180 00 
,050 00 
,oco 00 
,960 00 
,000 00 



I 5,i38,795 26 



$64,174 81 . 

85 74. 

22 00 , 

210 06; , 

2,945 00 

875 00 

600 

4,757 23 

827 40 

11,980 

22.884 45 

31 09 

67,927 94 

16,383 87 

2,970 00 

495 13 
30,919 81 

I ,5 I ° 5o 

i;i5i 50 

1.790 

603 90 

1.695 70 

30,019 12 

2,668 06 

200 60 

57 00 

99 00 

364 50 

1.027 I( 

2,021 3 

1.452 47 

43,042 55 

19,512 01 

253 
244 19 

394 3i 



336,198 73 



Statement of the Public Debt of the United States, 

DEBT BEARING 



Old Demand Notes 

Legal-tender Notes 

Certificates of Deposit.., 

Gold Certificates 

Silver Certificates 

Unclaim'd Pac.R.R.Int, 
Fractional Currency- 



July 17, 1861 ; February 12, 1862 

February 25, 1862; July 11, 1862; March 3, 18 

June 8, 1872 , 

March 3, 1863, and July 12. 1882 

February 28, 1878 



Jul}' 17, 1862 ; March 3, 1863; June 30, 18 



Less amount estimated as lost or destroyed, act of June 21, 1879 



Aggregate of Debt bearing no Interest. 



RECAPITULATION. 



Interest-bearing Debt. 



. Bonds at 4)4 per cent. . 

Bonds at 4 per cent 

Bonds at 3 per cent 

Refunding Certificates 
Navy-Pension Fund... 



Deet on which Interest ha- Ceased since Maturity. 
Debt bearing no Interest 



. Old Demand and Legal- 
Certificates of Deposit 
Gold and Silver Certi- 
Fractional Currency... 

Unclaimed Pacific Rail 



Total Debt. 



Current Liabilities. 



Interest due and unpaid $1,930,229 97 

Debt on which interest has 

ceased I 5 J I 38,795 26 

Interest thereon 336,198 73 

Gold and Silver Certificates. ..200,930,531 00 
United States Notes held for 

Redemption of Certificates 

of Deposit 14,560.000 00 

Cash balance available Jan. 1, 

1884 142,478,445 72 



375.374,2oo 



Available Assets. 



Cash in the Treasury $375>374,200 1 



375^3 74 , 200 ' 



BONDS ISSUED TO THE PACIFIC RAILWAY COMPAUIE8, 



Name of Railway. 



Central Pacific 

Kansas Pacific 

Union Pacific 

Central Branch, U. P.. 

Western Pacific 

Sioux City and Pacific. 

Totals 



Authorizing Acts. 



rt When Payable. ! Interest Payable. 



july 1, '62, and July 2, '64. 6 J630 years from date. January and July. 
July 1, '62, and July 2, '64J6 #30 years from date. January- and July. 



July 1. '62, and July 2, '64. 
July 1, '62, and July 2, '64. 
July 1, '62, and July 2, '64. 
July 1, '62, and July 2, '64. 



6 #30 years from date. January and July. 
6 #130 years from date. January and July. 
6 ^130 years from date. January and July. 
6 ^30 years from date. January and July. 



The foregoing is a correct statement of the Public Debt, as appears from the Books and 



For the Month of December, 1883— Continued. 
NO INTEREST. 











$58,680 00 

346,681,016 CO 

14.560,000 00 

91,031,920 00 

109,898,611 00 






















^4,229 96 


, $ I 5«365,362 31 


6,989,428 31 


8,375,93400 














5(^9,219.655 31 


4,229 96 



RECAPITULATION. 





! Principal. 


Interest. 


Totals. 




$250,COO,000 00 

737,632,750 00 

274,937,250 OC 

315,150 00 
i4,ooo,oco 00 












































$1,276,885,150 00 
15,138,795 26 


$11,831,895 22 
336.198 73 












346.739,696 00 

14.560,000 00 

200,930,531 00 

6989,428 31 






























569,219,655 31 










4,229 96 
















1,861,243,600 57 


12,172,323 91 


$i,873,4i5,9 2 4 48 






Total Cash in 




375,374,2oo 68 




Debt, less Cash in the Treasury, January 
Debt, less Cash in the Treasury, Decemb< 


1, 1884 


1,498,041,723 80 
1,509,785,060 85 


ir 1, 1883 




Decrease of Debt during t 


he month 


u,743 337 05 


ne 30, 1883 


$53,049,483 68 





INTEREST PAYABLE BY THE UNITED STATES. 



Principal 



Interest ac- j Interest paid j Interest repaid by Companies. 



Outs di jcrued and not by the United By transporta- iBy cashpaym's 
n S- vet oaid States Hon Service c €. net earnings 



yet paid. 



tion Service. 5 % net earnings. 



Balance of Inter- 
est paid by the 
United States. 



$25,885,120 00; 

6,303,000 00 

27,236,512 ooj 

I,600,000 00| 

1.970.560 00 
1,628,320 00 

64,623.512 00 



$776,553 60 

189.090 00 

817,095 36 

48,000 00 
59,116 8oj 
48,849 6o| 



$23,452,555 27 
6,129,338 09 
24,957850 41 
1,549,808 26 
1,668,248 94 
1,464,297 49 



$4,752,173 80 

3,054,923 61 . 

9,522,138 82 . 

162,398 3 8 ; 

9.3D7 00 . 

130,892 38' . 



0,271 



6,926 91 



*>938,7°5 3 6 ' 59,222,093 46 17,631,893 98I 



655,198 87 



$18,052,109 51 
3,074,409 48 

i5,435,7n 59 
1,380,482 97 
1,658,881 94 
1,333-405 12 

40,935,000 61 



Treasurer's Returns in the Treasury Department at the close of business, December 31, 18 
CHAS. J. FOLGER, Secretary of the Treasury. 



STATE OF MARYLAND. 

The public debt of the State for the fiscal year ending September 30, 1883, was $11,269,822.89, 
made up of the separate loans, as follows : 
5 per cent. Sterling Loan, interest payable in London, in gold, and due in 1889 $4,047,777 78 

5 per cent. Currency, due in 1890 340,554 88 

3 per cent. Currency, due in 1890 269,000 00 

6 per cent. Currenc}-, due in 1885 528,355 00 

6 per cent. Currency, due in 1890 361,040 47 

6 per cent. Currency, Maryland State Loan, for redemption and exchange of State 

sterling debt, under act of 1872, chap. 366 1,206,344 10 

6 per cent. Bounty Loan, act of 1868, chap. 235, due in 1883, and now substituted 

by a new loan of $3,000,000 3 326,750 66 

6 per cent. Deaf and Dumb Asylum Loan, acts of 1870 and 1874, chapters 422 and 

423, due part in 1885 and 1889 222,000 00 

6 per cent. Maryland Hospital Loan, acts of 1872 and 1876, chapters 236 and 263, 

due part in 1887 and in 1889 465,000 00 

6 per cent. Treasury Relief Loan, act of 1878, chapter 238, due in 1893 500,000 00 

Total debt September 30, 1883 $11,269 822 89 

The Defence or Bounty Loan of $3,326,750.66, contracted under the act of 1868, chap. 235, to 
run for fifteen years, fell due Jan. 1, 1884 There was no accumulation of sinking fund securities 
during the time from the receipts of the tax of 5^ cents levied by the act to meet this debt or 
any part of it when due. The act of 1882, chapter 289, was accordingly passed, making pro- 
vision for the redemption of it by the creation of a new loan of $3,000,000, to be called the 
"Defence Redemption Loan," to run for fifteen years from the first day of January, 1884, at 
the interest rate of 3-65 per centum, and imposing a tax of 5% cents to pay the interest semi- 
annually and the debt at maturity. The loan was taken up by exchange and sale. The 
balance $326,750.66, was paid out of the treasury, thus diminishing the debt to that extent and 
reducing the annual payment of interest from $199,605.02, to $109,500.00— a difference of 
$90,105.02 annually. 

The interest on the public debt for the last fiscal year was $646,165.16. For the present fiscal 
year, ending September 30, 1884, it will be $578,589.38. 

The condition of the treasury as shown by the report of the Comptroller for the fiscal year 
ending September 30th, 1883, is as follows : 

Total receipts during the fiscal year $2,097,376 88 

Balance in the treasury September 30, 1882 638,506 63 

$2,735,883 51 
Disbursements for the fiscal year i*753>°99 99 

Balance in the treasury September 30, 1883 $982,183 52 

The receipts into the treasury for the year were from the following sources : 

From the direct tax $967,618 11 

From internal improvement companies — dividends and interest 261,552 99 

From ordinary sources, to wit : Licenses, tax on gross receipts of railroads, tax on 

insurance and commissions, &c, &c , . . . . 868,205 78 

Total receipts for fiscal year 1883 $2,097,376 88 

The disbursements were as follows : 

To interest on public debt $674,601 99 

To public schools . • 468,970 17 

To miscellaneous expenditures, to wit : Salaries, colleges and academies, public 

institutions, &c, &c 610,127 83 

Total disbursements $i,753> 6 99 99 

Showing an excess of receipts over disbursements of $343,676.89 for the year ending 30th 
September, 1883. 10 



STATEMENT OF FINANCIAL CONDITION OF BALTIMORE 
CITY, JANUARY i, 1884. 



Loan. 



Rate. 



When Payable. 



Amount. 



Consolidated 5 per cent 

Consolidated 6 per cent 

Public Park 6 per cent 

Exempt 6 per cent 

Water 6 per cent, 

Water 5 per cent 

Water 4 pe r cent, 

Funding 6 per cent, 

Funding 5 per cent, 

Water 5 pe r cent, 

Harford Run Improvement , 4 per cent, 

Paving Loan 4 pe r cent, 

City Hall ; 6 per cent. 

One Million ! 6 per cent. 

Valley Railroad 6 per cent. 

Five Million 6 per cent. 

Consolidated 6 wr cent. 

Park Improvement 6 per cent. 

City Hsll 6 per cent. 

Jones' Falls 5 per cent. 

Jones' Falls ; per cent. 

Western Maryland Railroad 6 per cent. January' 1/1902 

City Hall 6 per cent. March 7, 1902 . . 

Western Maryland Railroad 4 per cent. July i, 1925 

Patterson Park Extension : 4 per cent. October 1, 1920 

W ater \ g p er cent. ^<~> intprp^t 2 llrv 

Overdue Stock 6 oer cent. 

I 

Guaranteed Debt. 

Endorsement for Western Maryland Railroad Co., 1st mortgage 

" 2d 

u ^ « « « 3d 

" L nion Railroad Co., 1st mortgage 



At pleasure after the year 1885.. 
At pleasure after July 1, 1890. . : 
At pleasure after Sept. 1, 1890. J 
At pleasure after Sept. 1, 1893.. 
At pleasure after July 1, 1894. . 
At pleasure after July 1, 1894. . 
At pleasure after Xov. 1, 1922. . 
At pleasure after July 1, 1900. . 
At pleasure after July 1, 1916..J 
At pleasure after July 1, 1916..I 
At pleasure after Jan. 1, 1920.. 
At pleasure after Nov. 1, 1920.. j 

July i 3 1884 '. .... 

January 1, 1886 ■ 

October 31, 1886 

January 1, 1890 

September 1, 1893 

Januar}^ 1, 1895 1 

April 15, 1900 j 

April 9, 1900 1 

l April 9, 1900. 



£1,029, 

7.3o6 : 

555 

410 

263^ 

3,737: 

500 

8oo : 

1,000 

5,coo 

250: 

4°4: 

1,000 

1,000 

1.015 

5,000, 

2. 211 

i8 5; 

1,000 

8oo : 

957. 
1,000. 

5°°: 



No interest allowed. 
No interest allowed. 



061 54 
546 22 
566 25 
.353 87 
coo 00 

COO CO 

000 00 

OCO CO 

,000 00 
,coo 00 
,000 00 
,800 00 
,ooo 00 
.000 00 
,300 00 
coo 00 

,068 05 
,723 80 

,000 00 
,000 00 
,oco 00 
,ooo 00 
,ooo 00 
,ooo 00 
,ooo 00 



Total Funded Debt $36,629,991 73 



5200,000 00 
300,000 00 
875,000 00 
117,000 00 



Total Funded and Guaranteed Debt 

From which deduct — 
Water Loans of 1894, 1916 and 1922, the interest on which is paid 

by revenue from water rents , S9, 500,000 00 

Park Loans, interest paid by City Passenger Railway Companies, 755o66 25 

Western Maryland Railroad 1925 Four Per Cent. Loan, interest 

paid by W. Md. R. R. Co 502,000 00 

Cash in bank for the redempt'on for the Water, six per cent. 

stock of 1875 1.84.0 00 



1,492,000 00 
$38,121,991 73 



Amount carried forward 

And the following productive aud interest-bearing assets : 

Mortgage on Baltimore and Ohio R. R. Co $5,000,000 00 

" L'nion R. R. Co 117,000 00 

" " Western Maryland R. R. Co 200,00000 

32,500 shares of Baltimore and Ohio Railroad Company Stock, at 

p 10 ^ 5 6,175,000 00 

Value of Sinking Funds 8,690,448 41 

550 shares Baltimore and Reisterstown Turnpike Company Stock, 

valued at i-m 00 



10,759,406 2 5 
$27,362,585 48 



Amount carried forward 20,183,948 41 



Amount brought forward 27,362,585 48 

Amount brought forward 20,183,948 41 

137 shares Baltimore and Frederick Turnpike Company Stock, 

valued at 206 00 

Market houses, producing a yearly rental of $50,000 00 

Improved wharf property, producing a yearly 

rental of 38,000 00 

Other real estate, producing a yearly i-ental of 7>746 76 



$95,746 76 
Capitalized at 6 per cent j j595>779 



The following are unprodiictive assets : 

Second Mortgage on Western Md. R. R £300,000 00 

Interest thereon to Jan., 1884 270,000 00 



2i.779.933 4i 
$5*582,652 07 



Third Mortgage on Western Md. R. R. Co 875,000 00 

Interest thereon to Jan. 1, 1884 682,50000 



Fourth Mortgage on Western Md. R. R. Co $1,000,000 00 

Interest thereon to Jan. 1, 1884 690,000 00 



$570,000 00 



1.557,500 00 



1,690,000 00 



10,000 shares Valley R. R. Stock, par $100 1,000,000 00 

4,oco shares West Md. " " " 50 200,000 00 

7,600 shares Baltimore and Susquehanna Tidewater Canal Stock, 

par $50 380,000 00 

1,067 shares Baltimore and Hall Springs Railway Company Stock, 

par $20 21,340 00 

625 shares Baltimore and Yorktown Turnpike Company Stock. . . 

130 shares Baltimore and Havre-de-Grace Turnpike Stock 

Besides other property, such as — 
Court Houses, Record Office, City Hall, Jail, Police Stations, 
Fire Engine Houses and Apparatus, School Houses, Alms- 
house, Ice Boats, Marine Hospital Grounds, Public Parks, etc. 10,000,000 00 

$15,418,840 ro 

Appendix to Statement A. 

From the total Funded and Guaranteed Debt #38,121,991 73 

Deduct the following : 

Overdue Water Stock, no interest allowed 1,840 00 

Overdue Stock, no interest allowed 732 00 

And the following, the interest being provided for : 

B3- Baltimore and Ohio Railroad Company on 5,000,000 00 

" dividend en Baltimore and Ohio Railroad Company Stock, 

being the interest on 5,416,666 66 

" Western Maryland Railroad Company, interest on first 

mortgage 200,000 00 

" City Passenger Railway Companies, on 755>566 25 

" Water Board, from rents, on 9.500,000 00 

" Union Railroad Company, on 117,000 00 

" Commissioners of Finance, for interest on One Million Loan, 1.000,000 00 
" Commissioners of Finance, interest on Western Maryland 

Railroad Loan 1,000,000 00 



By Commissioners of Finance, interest on Western Maryland 

Railroad Bonds, guaranteed by city 1,175,000 co 

•• Western Maryland Railroad Company, interest on Western 

Maryland Railroad 4 per cent. 1025 Loan 502,000 00 

Leaving the amount on which interest is paid by taxation at 

viz : £2,986.061 54 interest, at 5 per cent. 

6- ooo 00 '* 4 " 

o ' .2.325 28 " 6 " 



$24,668,804 91 



$13,453,186 82 



$13,453,186 82 



BALTIMORE CITY LOANS. 



Nam 2 of Issue. 



Total 
Amounts 
~jL Issued. 



Five Million Loan... 1890 
Consolidated Loan...i~ 

City Rail Loan 1! 

1900 

" " 1902 

Funding Loan 1900; 

Consolidated Loan 1885 

Valley R. R. Loan.... 1886 

Park Imp. Loan 1895 

Public Park Loan 1890 

Jones' Falls Loan 1900 

'' 1900 

One Million Loan 1886 

West. Md. R. R. Loan. 1902 

Water Loan 1916 

" 18945JE 

Funding Loan 1916 5$ 

Exempt Loan 1893 6# 

Consolidated Loan 189363! 

Har. Run. Imp, Loan.. 1920 

Water Loan 1894 6^ 

Paving Loan 1920 4^ 

West. Md. R. R Loan, 1925 U% 

Water Loan 1922 4;' 

Pa tterson Park Ext 19204^ 



6^35. 
6< 7: 
S% 1 

6;c l! 

6% 

6t 

5 - ; 1 
6C 1 
6< 
6fc 
6^c 

5% 

6% 1 

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,000.000. 
,306,540, 
,000,000 

,000,030, 
500,000, 
SOO.OOO 
,029,061 
,015,300 
185,723. 
555,556. 
8o0,000, 
957,000. 
,000,000 
,000,000, 
,000,000, 
,737.000. 
,000,000. 
410,353. 
,2II,o68. 
250,000 
263.OOO, 
404,800, 
502,000, 
500,000. 
200.000. 



When Payable. 



Where Payable. 



Jan., April, July & Oct 



25 Mar., June, Sept. & Dec. 
Feb., May, Aug. & Nov. 

00 January & July. 

lay and November. 

March and September. 
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ooijanuary and July. 
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,00! k " el * k 

,00 January and July. 
co May and November. 
ooljan,, April, July & Oct.i 



Nat. Far. & Plant. Bank. 



National MechanicsBank 



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16 



VIRGINIA. 

The debt of Virginia was contracted principally for internal improvements, such as the 
building of canals and turnpikes, and in aid to railroads — the benefits derived from the same 
having been enjoyed by the citizens of the State at the expense of her creditors. In 1866 and 
1867 the State funded the interest which had been unpaid during the war, and in 1871 the fund- 
ing bill creating Consols with the tax-receivable coupons was passed, and under this act 
$20,000,000 Consols were issued. In 1872 the tax-receivable clause of the funding bill was 
repealed, and under this amended act Peelers were created and issued to the amount of about 
$3,000,000. The State again defaulted in its interest, and in 1879 tne act creating 10-40's, 
which carried tax-receivable coupons, was passed, and, under its provisions, about $8,500,000 
10-40's were issued. Ever since the funding bill of 1871 was passed, creating bonds bearing 
tax-receivable coupons, the State has tried to find some means whereby the contract made 
with her bond-holders could be broken, and to stop the receipt of coupons for taxes, but all 
efforts to accomplish this object were rendered futile until the Readjusters obtained possession 
of the State government, when the Riddleberger and Coupon-killer bills were passed, and no 
coupons have been received for taxes since December, 1881. 

The Riddleberger bill classes the different issues of bonds alphabetically, and proposes to 
scale them as follows : Class A — Consols amounting to $14,356,213.15 to be funded in new 
bonds at 53 per cent, of their face value. Class B — Ten-Forties amounting to $8,484,000 00 to 
be funded in new bonds at 60 per cent, of their face value. Class C — Peelers amounting to 
$1,697,209.74 to be funded at 69 per cent, of their face value. Class D — Interest on Peelers 
amounting to $658,237.72 to be funded at 80 per cent, of its face value. Class E — Old Virginia 
unfunded bonds, dollar and sterling, amounting to $2,106,404.30 to be funded at 69 per cent, of 
their face value. Class F — Interest on Old Virginia unfunded bonds amounting to $2,445,585.68 
to be funded at 63 per cent, of its face value. All bonds to bear interest alike at 3 per cent, 
per annum, and coupons not to be receivable for taxes. The above figures represent the 
amount of bonds outstanding December 30, 1883. 

Under the Riddleberger bill $1,527,803.30 new 3 per cent, bonds have been issued, created 
principally by the funding of Old Virginia bonds, Peelers and non-tax-receivable past due 
coupons and interest. 

The following is the bill commonly known as " Coupon-killer" No. 1: — 

•'Whereas, bonds purporting to be the bonds of this commonwealth, issued by authority of 
the act of March thirtieth, eighteen hundred and seventy-one, entitled an act to provide for 
the funding and payment of the public debt, and under the act of March twenty-eighth, 
eighteen hundred and seventy-nine, entitled an act to provide a plan of settlement of the public 
debt, are in existence without authority of law ; 

And whereas, other such bonds are in existence which are spurious, stolen, or forged, which 
bonds bear coupons in the similitude of genuine coupons, receivable for ail taxes, debts, and 
demands due the commonwealth ; 

And whereas, the coupons from such spurious, stolen, or forged bonds are received in pay- 
ment of taxes, debts, and demands ; 

And whereas, genuine coupons from genuine bonds, after having been received in payment 
for taxes, debts, and demands, are fraudulently reissued, and received more than once in such 
payments ; 

And whereas, such frauds on the rights of the holders of the afores aid bonds impair the con- 
tract made by the commonwealth with them, that the coupons thereon should be received in 
payment for ail taxes, debts, and demands due the said commonwealth, and at the same time 
defrauds her out of her revenues ; 

Therefore, for the purpose of protecting the rights of said bondholders and of enforcing the 
said contract between them and the commonwealth, and of preventing frauds in the revenue 
of the same, 

17 



Be it enacted by the General Assembly of Virginia, That whenever any taxpayer or his 
agent, shall tender to any person whose duty it is to collect, or receive taxes, debts, or de- 
mands due the commonwealth, any papers or instruments in print, writing, or engraving, pur- 
porting to be coupons detached from bonds of the commonwealth issued under the act of 
eighteen hundred and seventy-one, entitled an act to fund the public debt, inpayment of any 
such taxes, debts, and demands, the person to whom such papers are tendered shall receive 
the same, giving the party tendering a receipt, stating that he has received the same for the 
purpose of identification and verification. 

He shall at the same time require such tax-payer to pay his taxes in coin, legal tender notes, 
or national bank bills, and upon payment, give him a receipt for the same. In case of a refusal 
to pay, the taxes due shall be collected as all other delinquent taxes are collected. 

He shall mark each paper as coupons so received, with the initials of the tax-payer from 
whom received, and the date of receipt, and shall deliver the same, securely sealed up, to the 
judge of the county court of the county, or hustings court of the city, in which such taxes, 
debts, or demands are payable. The tax-payer shall, therefore, be at liberty to file his petition 
in said county court against the commonwealth. A summons to answer which petition shall 
be served on the commonwealth's attorney, who shall appeal to and defend the same. The 
petition shall allege that he has tendered certain coupons in payment of his taxes, debts, and 
demands, and pray that a jury be empannelled to try the question as to whether they are 
genuine, legal coupons, which are legally receivable for taxes, debts, and demands. Upon this 
petition an issue shall be made in behalf of the commonwealth, which shall be tried by a jury, 
and either party shall have a right to exceptions on the trial, and of appeal to the circuit court 
and court of appeals. If it be finally decided in favor of the petitioner, that the coupons ten- 
dered by him are genuine, legal coupons, receivable for taxes, and so forth, then the judgment 
of the court shall be certified to the treasurer, who, upon receipt thereof, shall receive said 
coupons for taxes, and shall refund the money before then paid for his taxes by the tax-payer 
out of the first money in the treasury, in preference to ail other claims. 

Whenever any tax-payer shall apply to any court in this commonwealth for a mandamus to 
compel any person authorized to receive or collect taxes, debts, or demands due the common- 
wealth, to receive coupons for taxes, it shall be the duty of such person to make returns to said 
mandamus, that he is ready to receive said coupons in payment of such taxes, debts, and 
demands, as soon as they have been legally ascertained to be genuine, and the coupons which 
by law are actually receivable. Upon such return, the court before whom the application is 
made, shall require the petitioner to pay his taxes to the tax-collector of his county or city, or 
to the treasurer of the commonwealth ; and upon filing the receipt for such taxes in such court, 
the said court shall direct the petitioner to file his coupons in such court, which shall then for- 
ward the same to the county court of the county, or hustings court of the city, where such 
taxes are payable, and direct said court to frame an issue between the petitioner, as plaintiff, 
and the commonwealth, as defendant, as to whether the coupons so tendered are genuine cou- 
pons, legally receivable for taxes. On the trial of the cause, the attorney for the common- 
wealth in the lower courts, and the attorney-general in the supreme court of appeals, shall 
appear for the commonwealth, and require proof of the genuineness and legality of the coupons 
in issue. Either party shall be entitled to exceptions, and an appeal to the circuit court and 
supreme court of appeals on the trial of this issue. If the decision be finally in favor of the 
petitioner, the mandamus shall issue requiring the coupons to be received for said taxes, and 
so forth; and they shall be so received; and on the certificate of such judgment the treasurer 
of the commonwealth shall forthwith refund to the tax-payer the amount of currency or money 
before then paid by him for taxes, out of the first money in the treasury, in preference to all 
other claims." 

COUPON-KILLER No. 2. 

1. Be it enacted by the General Assembly of Virginia, that the several tax collectors of this 
commonwealth shall receive in discharge of the taxes, license taxes and other dues, gold, 
silver, United States treasury notes, national bank currency, and nothing else; provided that 



in all cases in which an officer charged by law with the collection of revenue due the State, 
shall take any steps for the collection of same, claimed to be due from any citizen or tax payer, 
such person against whom such step is taken, if he conceives the same to be unjust or illegal, or 
against any statute, or to be unconstitutional, may pay the same under protest, and under such 
payment, the officer collecting the same shall pay such revenue into the State treasury, giving 
notice at the time of such payment to the Treasurer that the same was paid under protest; 
The person so paying such revenue may, at any time within thirty days after making such 
payment, and not longer thereafter, sue the said officer so collecting such revenue in the court 
having jurisdiction of the parties and amounts. 

If it be determined that the same was wrongfully collected, for any reason going to the 
merits of the same, then the court trying the case may certify of record that the same was 
wrongfully paid and ought to be refunded, and, thereupon, the Auditor of Public Accounts 
shall issue his proper warrant for the same, which shall be paid in preference to other claims 
on the treasury, except such as have priority by constitutional requirement. 

There shall be no other remedy in any case of the collection of revenue, or the attempt to 
collect revenues illegally, or the attempt to collect revenue in funds only receivable by said 
officers under this law, the same being other and different funds than the tax-payer may tender 
or claim the right to pay, than such as are herein provided; and no writ for the prevention of 
any revenue claim, or to hinder or delay the collection of the same, shall in anywise issue 
either injunction, supersedeas, mandamus, prohibition, or any other writ or process whatever; 
but in all cases, for any reason, any person shall claim that the revenue so collected of him was 
wrongfully or illegally collected, the remedy for such person shall be as above provided and 
in no other manner. In all such cases, if the Court certify of record that the officer defendant 
acted in good faith and diligently defended the action, the necessary costs incurred by him 
shall be taxed to and paid by the State, as in criminal cases. The commonwealth attorney for 
the county or corporation in which suit is brought shall appear and represent the defense. In 
every case where judgment is rendered for the defendant, a fee of five dollars shall be taxed in 
favor of said attorney and against the plaintiff, and whenever the court shall refuse to certify 
the gocd faith and diligence of the officer defending the case, a like fee of five dollars shall be 
taxed against said officer. Any officer charged wi th the collection of revenue, who shall receive 
payment thereof in anything other than that hereinbefore provided, shall be deemed guilty of 
a misdemeanor, and fined not less than one hundred nor more than five hundred dollars in the 
discretion of the court; but nothing herein contained shall be construed to subject any officer 
of the State to any suit, other than as hereinbefore provided, for any refusal on his part to 
accept in payment of revenue due the State any kind or description of funds, security or paper 
not authorized by this act. 

2. This act shall be in force from and after the first day of December, eighteen hundred 
and eighty-two. 

During the past year the Virginia bond and coupon cases have been constantly before the 
courts. Early in the year the Supreme Court of the United States decided the Riddleberger 
and Coupon-killer bill No. i to be constitutional, and that Coupon-killer No. i gives an ade- 
quate and sufficient remedy to the coupon-holder. At first it was thought that this decision 
was prohibitory and very disastrous to the bond-holders, as no one expected that the coupons 
could be recovered; but when experience proved that the money could be recovered, and that 
the State did pay promptly all judgments obtained against it on proved coupons, it was realized 
that an actual remedy was given. The decisions of Judge Bond, of the United States Circuit 
Court for Virginia, were very favorable to the cause of the bondholders. This court decided 
that it was only necessary for either a resident or non-resident tax-payer to tender coupons in 
payment of his taxes and if refused he would issue an injunction to prevent the seizure and 
sale of his property, thus rendering the State entirely powerless to enforce the payment of 
taxes. Unless reversed by the Supreme Court, the decision of the United States Circuit Court 
stands, a law inviolable. 

19 



The defeat of the Readjuster party in November was satisfactory, if not encouraging, to the 
Virginia bond-holders ; but the new Legislature proved to be equally, if not more aggressive, 
in repudiation schemes. 

The whole subject of the Virginia debt question must be ultimately settled by the courts. 
Up to the present time the bond-holders have every reason to be sati fied that they will be 
protected in their just claims against the State. 

The Report of the Treasurer of Virginia for the fiscal year ending 
September 30, 1883, is as follows : 

Balance on hand October 1, 18S2 : $ 551,5-!° 57 

Amount received during the fiscal year 3,832,925 00 

4,384,465 57 
Amount disbursed during the fiscal year 3,021,835 54 

Balance on hand October 1, 1883 1,362,630 03 

Received from sundry accounts 174,574 85 

Balance in Treasury October 1, 1883 < $ I >537, 2 °4 88 

The Report of the Second Auditor gives the debt of Virginia, for 
the fiscal year ending september 30, 1883, as follows : 

bonds and certificates outstanding, issued under act of march 30, 1871. 

CONSOLS. 

Coupon bonds .$13,507,400 00 

Registered bonds and fractional certificates 848,813 15 

$i4»356,2i3 *5 

BONDS AND CERTIFICATES OUTSTANDING, ISSUED UNDER ACT OF MARCH 30, 187I, 
AS AMENDED BY ACT OF MARCH 7, 1872. 

PEELERS. 

Coupon bonds $885,890 00 

Registered bonds and fractional certificates 811,319 74 

$1,697,209 74 

BONDS AND CERTIFICATES OUTSTANDING, ISSUED UNDER ACT OF MARCH 28, 1 879. 

TEN-FORTIES. 

Coupon dollar bonds $7,667,200 00 

Sterling coupon bonds, ,£66,800, rated at $5.00 to the pound 334,000. go 

8,001,200 00 

Registered bonds 482,800 00 

$8,484,000 00 

Bonds and certificates outstanding, issued under acts passed prior to 17th 
April, 1861, and under act of March 2, 1866, computed as funded at two- 
thirds on account of the deduction of one-third for West Virginia's pro- 
portion : 

OLD VIRGINIA BONDS. 

Dollar bonds and certificates $2,310,891 40 

Sterling bonds, rated at $5.00 to the pound 1,018,205 15 

$3,3 2 9>°9 6 55 

Amount of bonds and certificates issued under acts passed prior to act of Feb- 
ruary 14, 1882, outstanding and fundable under that act - $27,866,519 44 



Bonds and certificates issued under act of February 14, 1882: 

RIDDLEBERGER 3's. 

Coupon bonds, payable to bearer $1,175,000 00 

Registered bonds and fractional certificates, of which $292,400 stand 

in the name of the Board of Public Works of Virginia 352,803 30 

$1,527,803 30 

Also West Virginia certificates bearing interest from 1st July, 1882. . 222,198 58 
And West Virginia non-interest bearing certificates 145,278 45 



$367,477 03 



Which were issued in lieu of bonds, certificates and interest surrendered 

for funding under the act of February 14, 1882, to wit : 

Principal. Interest. 

Ten-Forty coupon bonds, act March 28, 1879 . $ 8,800 co $ 6,577 5° 

Ten-Forty registered bonds, act March 28, 1879 24,800 00 951 00 

Bearer Consol coupons 11,297 00 

Order Consol coupons 3,300 00 1.342 00 

Black Scrip — issued for balance unpaid in 

paying interest on dollar bonds 162,320 12 

" " " sterling bonds, 3,87544 

Sterling certificates of 1871 49,282 50 23,714 59 

Sterling coupon bonds of 1866 and 1867 20,500 00 8,862 98 

Sterling coupon bonds of 1851 290,500 00 131,752 00 

Consol fractional certificates ! 1 ,761 66 i^5 2 67 

Peeler fractional certificates 3,93° 38 2,437 28 

Registered Consol bonds ." 8,700 00 

Registered u Peeler " bonds 87,455 00 

Consol and "Peeler" interest on funded registered 

debt 139,962 12 

•' Peeler " coupon bonds 529,710 00 411,325 00 

Coupon bonds of 1866 and 1867 54,000 00 42,450 00 

Registered bonds of 1866 and 1867 , 6,136 00 7,*2i 02 

Coupon bonds of 1851 and 1852 181,000 00 143,460 54 

01:1 registered bonds 65,177 20 59,°53 19 

Amount of interest on above classes of bonds, $1,157,654 45 

Amount of principal 1,335,052 74 

Aggregate $2,492,707 19 

Funded, at a discount of $597,426 86 

And the issue of West Virginia certificates 367,477 03 

964,903 89 

$1,527,803 30 

Aggregate of principal, bonds and certificates fundable, $27,866,519.44, and of 
debt, $1,527,803.30, issued in funding under act of February 14, 1882, 
1st October, 1883 $29,394,322 74 

INTEREST OUTSTANDING, ACCRUED TO AND INCLUDING 1ST JULY, 1882. 

On bonds and certificates issued under act of March 30, 1871, as 

amended by act of March 7, 1872 $ 517,668 68 

On the unfunded part of the debt reduced one-third for West Vir- 
ginia's proportion 2,419,048 85 

$2,936,717 53 






/A 



Consol coupons issued under act of March 30, 1871 919,002 05 

Coupons issued under act of March 28, 1879 248,315 50 

Interest on registered bonds under that act 12,286 50 

260,602 00 

1,179,604 04 

Aggregate of interest, 1st October, 1883, fundable under act of February 14, 1882. .$4,116,321 53 

Consol coupons issued to and including July, 1883, outstanding October 1, 1883... $1,689,192 00 
Ten-Forty coupons issued to and including July, 1883, outstanding October 1, 1883, 488,339 50 
Amount of coupons paid on judgments obtained against the State under Coupon- 
killer No. 1, up to September 30, 1883 41,506 50 

It will be observed that up to October 1, 1883, of the total amount of bonds and interest fund- 
able under the Riddleberger bill only $1,527,803.30 have been exchanged for the new 3% bonds, 
and that this amount was issued principally for Old Virginia bonds, Peelers and past due inter" 
est on the same. 

The aggregate of principal and interest, due to and including July, 1882, outstanding Octo- 
ber, 1883, $31,982,840.97, is fundable under the Riddleberger bill into new 3 per cent, bonds as 
follows : Consols at 53, Ten-Forties at 60, Peelers at 69, Old Virginia unfunded bonds at 69. 
Consol and 10-40 coupons due prior to January '83 at 100. Interest on Consol registered 
bonds and fractional certificates at 80. Peeler coupons, interest on registered Peelers and 
fractional certificates at 80. Interest on two-thirds of unfunded coupons and registered dollar 
and sterling bonds ("West Virginia non-interest certificates given for the other one-third) at 63. 
Black Scrip (Virginia interest certificates), issued for balance unpaid in paying interest on 
funded bonds at 80. Black Scrip, issued for balance unpaid in paying interest on unfunded 
bonds at 63. 



NORTH CAROLINA. 

The Treasurer of North Carolina makes his Report biennially, the last Report, 
as below, being for the years l88l and 1882. 

PUBLIC DEBT. 

The act of March 4th, 1879, to compromise, commute and settle the State debt, expired on 
the first day of January, 1882, (since extended, by act of April, 1883). It provided for the re- 
demption of the principal of the bonded debt therein recognized, as follows : 
Bonds issued before May 20th, 1861, forty per cent., exclusive of $100,000 of old 

bonds, surrendered under a special act, by the Albemarle and Chesapeake Canal 

Company $5,477,400 00 

Bonds issued since the close of the war, by authority of acts passed before the war, 

and registered certificates of the board of education, twenty-five per cent $3^61,045 00 

Bonds issued under the funding acts of March 10th, 1866, and August 20th, 1868, 

fifteen per cent 3,888,600 00 

$12,627,045 00 
Bonds have been redeemed as follows, up to January 1, 1884; 

First class, at forty per cent $4,400,700 00 

Second class, at twenty-five per cent 2,279,045 00 

Third class, at fifteen per cent 2,715,000 00 



1,394,745 00 



New four per cent, bonds have been issued as follows, up to January i, 1884 : 

For bonds at forty per cent #1,760,280 00 

For bonds at twenty-five per cent 569,761 00 

For bonds at fifteen per cent 407,250 00 

$2,737,291 00 
In this amount are included certificates issued in exchange, for fractional sums 
less than fifty dollars, still outstanding, and receivable for new bonds, in 
amounts of $50, $100, $500 and $i,coo. 
The old bonds yet outstanding, January 1st, 1884, and fundable under the act, are : 

Redeemable at forty per cent $1,076,700 00 

Redeemable at twenty -five per cent 982,000 00 

Redeemable at fifteen per cent 1,173.600 00 



$3,232,300 00 
The commissioners appointed Dy authority of chapter 138, Laws of 1879, to adjust and renew 
that portion of the State debt incurred to aid in the construction of the North Carolina Rail- 
road, have received up to January 16, 1884, $1,937,000 of the old bonds, and upon their certifi- 
cates have been issued new bonds to that amount, bearing interest at six per cent, per annum, 
with the first coupon falling due October 1st, 1882. In the adjustment of this part of the debt, 
the holders of the old bonds rebate to the State two hundred and forty dollars of interest on 
each bond, equal to $670,800 on the entire issue.* 

Should the General Assembly extend the compromise act of March 4th, 1879, (since extended) 
the actual and prospective debt will be : 

Actual debt bearing four per cent, interest. January 1st, 1884 $2,737,291 00 

Prospective debt, bearing four per cent, interest " " " 852,22925 

3,589,511 25 

Actual debt bearing six per cent, interest " " " 1,937,00000 

Prospective debt, bearing six per cent, interest, (old bonds now being 

renewed) 880,000 co 

2,795,000 00 

$6,384,511 25 
Assessed valuation of real estate is about 60 per cent, of true value. Valuations and tax rate 
per $100 have been : 
Years. Real Estate. Personalty. Total Valuation. Tax per $100 

1878 $91,070,834 $51,228,268 $142,308,102 38 

1879 101,799,424 54,468,817 156,268,241 24 

1880 io2.348;2i6 67,568,691 169,016,907 28 

1881 104,742,911 62,995,728 169,738,639 28 

#The above amounts of new bonds issued and old bonds still outstanding up to January 1st, 1884, were fur- 
bished us by courtesy of the Treasurer of the State. 

TENNESSEE. 

A funding law was passed (act of May 20, 1882) without the tax-receivable coupon clause, 
and giving new bonds at 60 per cent, of the principal and interest of old, the new bearing 3 per 
cent, in 1882-83, 4 P er cent, in 1884 an d 1885, 5 per cent, in 1886 and 1887, and 6 per cent. 1888 
to 1912. Exchanges were made in New York, July, 1S83, and $8,224,351 of these compromise 
bonds were issued. The Legislature of 1883 repealed this law and passed a new one adjusting 
the debt on the basis of new bonds at 50 per cent, of the face value of old, and bearing 3 per 
cent, interest : the old State debt proper of $2,118,000 is made an exception and new 6 per cent, 
bonds are to be issued for that at the face value. Assessed valuation and tax rate per $1,000 
have been as follows : 

Personal. Railroads. Tax Rate. 

$24,319,803 $1.00 

20,871,338 1. 00 

16,952,026 1.00 

16,133,338 $16,375,895 1.00 

23 



i r EAR5. 


Real Estate 


1877 


$212,589,045 


l8 7 3 


202,340,815 


1879 


196,165,644 


1880.... 


195.635,100 



RANGE OF SECURITIES AT THE BALTIMORE 



Government and State Bonds. 



United States 4 1 s 

United States 4 , s% 

United States 3's 

Maryland 6"s Deferred, 1883 

Maryland 6's Exempt, 1887 

Maryland 6's Relief , 

Maryland 6's, 1890 , 

Maryland 6's, 1885 

Virginia Deferred 

Virginia Consols July 1883, Coup, on 

Virginia Consols Ex. past due Coups. 

Virginia 10-40's July 1883, Coup. on. 

Virginia 10-40's Ex. past due Coups. 

Virginia Peelers 

Virginia Consol Coupons, 1883 

Virginia 10-40 Coupons, 1883 

Virginia Consol Coupons, Old 

Virginia 10-40 Coupons, Old 

Virginin Peeler Coupons 

Virginia New 3's (Riddlebergers)... . 

Tennessee 6's, Old 

Tennessee 6's, New 

North Carolina 4's 

North Carolina 6"s 

Baltimore City 6's 1884 

Baltimore City 6's, Semi-Ann'ly,i886 
Baltimore City 6's, Quarterly. . .1880 

Baltimore City 6's 1890 

Baltimore City 6's, Ex 1893 

Baltimore City 6's 1900 

Baltimore City 6's, New 1900 

Baltimore City 6's, Semi-Ann'ly,i902 
Baltimore City 6 1 s, Quarterly — 1902 

Baltimore City 5's 1916 

Baltimore City s's 1894 

Baltimore City 5's 1900 

Baltimore City 4's 1920 

Baltimore City 4's 1925 

Norfolk Water 8's 1901 

Bank Stocks. 

Bank of Baltimore 100 

Bank of Commerce 20 

Citizens National Bank 10 

Commercial & Farmers 100 

Farmers of Annapolis, Md 30 

Farmers & Merchants 40 

Farmers & Planters 25 

Franklin 100 

German-American 100 

Howard 10 

Merchants 100 

First National 100 

Second National 100 

Third National 100 

National Exchange 100 

Mechanics , 10 

Marine 30 

Union 75 

Old Town 10 

People's 20 

Traders 100 

Western 20 



January. 



H. 



"3& 



io 3% 
™7% 



6*% 
43 



118^ 

112 Ji 



107 
5i 



Feb 



ruary, 



H. 

™9% 



103% 



107 



102^ 

107 



52% 

45 



63 
63 
37% 
49% 



101% 
106% 



114 

116 

124^ 

119 

125 

125% 

122}^ 

113 
118 
no 
III 



«3K 
"5 

123 

9 
*25 
125% 
121 
112% 

6 

•9 
110% 



135% 



17% 
118 



50 

4i% 
97% 



9 3 A 
i34% 
136 

151 
109 
118 
12% 



34 



53 
53 
37^ 
47 



100 

I05>4 



114^8 

JI 3 

124 



I35X 



17Y2 

16 



49, 

40 72 

9*% 



9% 

132 

134% 
150% 

107 

16 



34% 

49 % 

49% 

58 

59 

38% 

49/8 



79% 



L. 

118K 
i*3 3 A 



5o 
37* 



34% 
45 
45 
57 

54 
38 



March. 



120^ 
"3# 



102% 
no 



58 
44 A 



107 



: 2 634 



122^ 

«3M 

116 
o 9 % 
in 



17% 
17% 



134% 
135 



82 



109 



85 



"3% 



79 



06% 



"354 

1I2>£ 
I24 



125 



122 

"3& 
Il6 
IO9 
III 



17* 

17% 



33 
134 



109 



12% 



49 # 
60 

59 
39 
52 



L. 

18 
112K 



102 % 

no 



37^ 34% 
49% 44 



79 



107 



114% 

115 

126% 



127 



122^4 
«3^ 



17^ 

17% 
II 9 



42 
IOl/s 

94 3/ 
IO % 

135 

135 



109% 



12^8 

37 



44 
58 

39 

4S 



April. 



H. 

120 

113 

103% 

103 



112 

103 



39/2 
35 



78% 



107 



113 
114 

124% 



127 



122 

3% 



I7 1 / 

17% 
119 



42 
101 

94 v 

10% 

134^ 

4 A 



iog. 



L. 

119 

"3 

103% 
102^ 



112 
103 



May. 



H. 

119% 

"3% 



103K 



104 
40 
34l 



37% 37% 



102 
i°7% 



"4% 

117 

126 



126 



122^ 

115 

119 
no 
in 
132 



119% 



5iX 
42 

102% 



iofs 
J 36% 
137 
155 
109K 
121 >&' 
12% 
35% 



13 



3i 31 



43 
44 

54% 
54% 
42^ 



101% 

107/3 



113 

125% 126% 



45 

44 

57% 

54% 

42% 

54% 



80 



102^3 

108 

107% 

H5% 

1181X 



126 



13D 



L. 

119 

"3^8 



102% 

T12 

104 

*3oi/ 8 

"33ys 



36% 
35% 
42 

55 

54% 
40% 
5o% 



79 



102 

106 

107% 

"4% 

117 

126 



122^1124% 123 



112% 
II 9 

iog 

in 
132 



119& 



5i% 
42 
102% 



135 

r35% 

i55 

10934 

120 

12 3/s 

35% 



13 



113^ II2# 
I20 



40% 



52 

43 
107 



10% 
136 
137 



112 
121* 

12% 

37 

85 

13 

20 



128 



119 



5i% 
42% 
107 



136 
134 



112 
121 

12% 

36% 

85 

13 



3i% 31% 









STOCK BOARD FOR 


THE YEAR 1883. 






June. 


July. 


August. 


September 


October. 


November 


December. 


For the Year. 


H. 
IT 3 


L. 

118*4 


H. 

113 


L. 

"8% 


H. 

119^ 
«3^ 


L. 

118 
"3 


H. 

121 
112 j£ 


L. 

119%: 
112^ 


H. 

122 

114 


L. 

120% 
114 


H. 

122% 
114% 


L. 

I2I# 

ii3% 


H. 

124% 
114% 

IOI^ 

102 


L. 

122K 
114 
101% 
102 


H. 

124 % 

114% 

103% 

103% 

no 

112 

107% 

105 

9 

61 }£ 

49 

45 

35^ 

38^ 

64 

57 

65 

63 

44 

56K 

41 

41 

81% 
no 
102% 
108 
io 7 & 
115X 
n8* 
130 
128 
130 
125^ 
. 125^ 
115 
120 
in 
112 
132 

142% 

19 
123 


L. 

118 

114 


103% 10054 


ioi# 


100^ 


IOI 


100% 


101K 


IOI 


101% 
105 


105 


102 


IOlfg 


100% 
112 






























101% 


101% 








































IO3 >4 


103^ 


105 


105 


J 03% 
9 
36 
37 >s 
31* 
33 
34 
35 
34% 

54 , 

5i% 

37>4 

47 

4i 

4i 

76 


9 t 


9 
40 


9 
40^ 
39 


9 
40 

39 














33 

37# 

32 

'38" 

4*% 

43 , 
55% 

55% 


37 , 
37 1 / 
31X 

37>2 
38 

33 
55 


45 
43^ 
35^ 
34 

47 
45 

55 


43 
40 

34 
33 

'43/8 
43 
55 


46^ 
45 

35% 
34 


44% 
44 
34^ 
33 


51 

49 

3 2 

35^ 

38^ 

64 

57 

655C 

43% 
53>4 


46% 

43 

34 

34 

38 

49 

45% 

56 

43 
5i 


53 
48 
37 

34 H 
40 wa 
48 
42 % 
59 
57% 


40 
46 
34% 
33 
sbid. 

43 
42 

56% 
52 


34 


32% 


34^ 

38,'s 


33 
38 
35 


36 


36 
40 


44 


47 

47^ 


44^ 
4i 


5S* 


54 
54 
42^ 


56 « 


56K 
42^ 
54* 


55% 

44 

52% 


55 % 
43 

52^ 


42'^ 


42^8 

5i 


5*% 


5i J X 


5i/ 2 


5i 


56* 


54^ 






























80 


79 


78X 


78^ 


78 


78 


78% 


76 


80 


79% 






81% 


81 








102^ 




TOT i^'IOI 


105 k 


tOS>2 


100 

105^ 


100 
105 


100 >£ 
105% 


100 % 








107^ 












105 
112 






105% 
"3% 


105% 
112 


116 116 


114^ 


H3^ 










116 
124% 


116 


H3% 


£12 % 


j 26^ 126^ 






124^ 

^25 

125% 


I2 + % 

124 

125% 


125 


124X 






128 


128 


123 

119 

125 

125^ 

121 










127 


127 


127 


126X 






127% 


126 


130 


127% 






125 

"3^ 


124 
112K 


124^ 

«3& 


123^ 
"3 


124^ 

1137I 

118 

no 

m# 

125 


124 

113 

118 

no 

ni/4 
125 


125X 

"35* 

116^ 


124^ 

113 

n6£ 


125K 


122 


122% 
112% 
115 
110/ 


122X 
112 
115 
110& 


125 

"3% 

117% 


123^ 

112 

117% 








115 
109 
109 
125 

135% 
I7 1 / 
17X 

116 










in 


in 


no 


no 


109 


109 


in 
130 


in 

130 


112 


III 












141 


141 


139 
18& 


137^ 
18 










142% 


142% 




181/ 


18 


















18JK 


18X 


18X 
123 


18X 
122 


J 9 

122 


18X 
122 










122 


122 






121 


121 




















50 
43 
107 


50 
43 
106 


50 
43 


50 
43 


50 


50 






55 
44 


53% 
44 






55 

46 
114 

94 

10% 
136/^ 
138 
160 
115 
121X 

12% 

37 

85 

14 
21 

115 
33X 


49 
40 

96% 

94 3/ 
9% 

131 

134 

150% 

107 

116 








46 
114 


46 
108% 






no 


no 




























10X 

132^ 


10% 

131 


10^ 
*34 


io l / 8 
134 


10% 
133 


10% 
i33 


10% 


10% 


10^ 
134 

160 


IO% 
134 

l6o 






134 
136 


134 

135 


















IJ 5 


112 


in 


109 


IIQ , 
12K 


118K 
12% 




















120 

12% 


120 

I2# 


121 


120 
12^ 






12X 


12^ 


1234 


12* 






I2j^ 

35% 

83 

13 


37 


37 
85 






86 


86 

14 


85^ 
14 


13% 
21 
"5 
32 


13% 
21 
"5 

32 






*3% 
20 


13* 

20 


14 
20% 


14 / 
20% 


86 


WA 


20 


20 
























111% 
30 


1 






32 


3 2 


32 


3lX 


33 


31X 


33^ 


33 



RANGE OF SECURITIES AT THE BALTIMORE 





January. 


February. 


March. | 


Ap 


ril. 


May. 


Bank Stocks. 


H. 


L. 


H. 


L. 


II. 


L. 


H. 


L. 


H. 


L. 










105 


105 










Insurance Stocks. 

Merchants Mutual 50 


















17X 


16 
28 

7 
7 


20 

29 
7* 
4% 
7 


16^ 

28K 
7 

7 


19* 


19* 


19 


*9 


19 


19 




Associated Firemens Insurance. .. .5 


















4% 
6% 


4% 
6% 


4% 


4% 


National Fire Insurance 10 7 

Howard Fire Insurance 5 7 


ey 2 ey 2 

7% 7>4 















6K 




Citizens Fire Insurance 400 




















16 


16 


15 


15 






















Monumental Fire Insurance 100 










60 


60 














































Washington Fire Insurance 100 














100 


100 






















Eailroad Stocks. 


2CO 
122 

55* 


200 

121 
54/s 


200 
130 
125 
55^ 


200 
130 
125 
54* 


200 

130 


198 

129 


200 

130 

127 
56% 
14% 

sy 2 
50% 
55 


200 
130 
127 

56 

14 
8^ 

50 

53 


200 

129X 

127 

57 

13* 
9 t 

5^A 

55 


199 
129X 


Baltimore & Ohio 1st Pref. 100 

Baltimore & Ohio 2d Pref ico 

Northern Central 50 

Western Maryland 50 

Parkersburg Branch 50 


56 

14 

9 
50* 
55 
48 


55K 
13% 

8 
50 
55 
48 


56tf 
13 

50K 

54 >4 






9 
51 


8 
50 


52 
53% 


5** 

53/ 3/ s 


Central Ohio Preferred 50 

City Passenger 25 
























62X 

15 

35 


58 
15 
28 


63* 


60 


61 
12 
32% 


60 % 

12 

31* 


68 
15 
37 


61 
14 
37 


e 9 


67 




Charlotte, Columbia & Augusta.. 100 


31 


30 


36 


34 


Norfolk & Western Preferred. . . . 100 
Columbia & Greenville 100 






40 


40 






























fio 


60 
60 




































Virginia Midland Common 100 
































































9 1 * 


90 






85 


82* 






90 


90 


Philadelphia, Wil. & Baltimore.. 100 














100 


100 




























123 
105 
117 

118 




Eailroad Bonds. 

Balto.& Ohio 6's, Apr. & Oct... 1885 
Pitts. & Conn. 1st 7's, J. & J. . . .1898 

N. Central 6's, Jan. & July 1885 

N. Central 6's, Apr. & Oct 1900 

N. Central 6's Gold, J. & J 1900 

N. Central 6's Gold, J. & J 1904 

N. Central 5's, Series "A' 1 

N. Central 5's, Series "B" 

Cent. O. 6's 1st Mtg. (Gu.) M.&S.1890 

Cin. & Balto. 7's, J. & J 1900 

West. Md. 6's 1st Mtg.(Gu.) J.&J.1890 
West. Md. 6's 1st Mtg., J. & J.. 1890 


-05 
120 ^ 
™3% 


104% 

119* 

102% 


i°5K 
122 


10574 

121 

Toqi/ 


105 

122 


105 

I2l£ 


103% 
122 


121K 


122 

104^ 

116 




118 

116 


117% 

115 






115* 
113* 

99K 

96 
no 


112^ 
112% 

99* 
95% 

109K 


115 "4* 

113^1113^ 
100^6 99 % 

95 % 95^ 
in 108 

121 |I2I 


117 
US 

I CO 

96 
109 


114% 

99 % 
95* 
108^ 


117 


101 

95% 
in 


IGO^/g 

1 95% 
108 


99^ 

95% 
109% 


99 
95* 
109 J£ 


112 


108 


II2%!lI2% 
[ 


"3 1 / 


H3# 


112 
"3 


110X 

113 























STOCK BOARD FOR 


THE YEAR 1883. 






June. 


July. 1 August. September! October. jNovember iDecember.j For the Year. 


H. 


L. 

100 

109 7 S 


H. 


L. 


H. 


L. 


H. 


L. 


H. 


L. 


H. 


L. 


H. 


L. 


H. 

100 

no 


L. 


no 


ioS 


107^ 


108 


108 


















105 




















19 

29^ 


x 9 , 

29/2 


*9% 


19% 






18 


18 


20 
2934 


19% 

29^4 


J 9 5 i 


*9% 






20 
30^ 
7% 

W 

6% 


16 


30% 


30 






28 


















l" 


























?A 


4 : . 






6 


6 






6 


6 






6X 


6% 


1% 


7% 






7% 


7% 


7% 
6% 


6% 


7 

6} s 














































16% 


16^ 














*7 X X 


17 


17% 


17% 


17% 


15 














































60 


60 






































7 


7 


















7 
100 


7 
























































199 


198 


199 


198 


196 


*95 


*93 


192% 


i99% 

127% 


193% 

127% 


197^ 
128 


*95 

128 

123 
56% 
14^ 


199 

128 
123 

62% 

52% 

55 

55 


198X 
128 

123 

CO 

15 

52 
5 5 
52^ 


200 

I'O 

128 
62^ 
15K 
9^ 
52% 
55 
55 


192% 
127% 


128 i?a 








123% 
61^ 
1^ 


58^ 
13 


58 

13 


56 

52^ 


55% 
52 


56 


54% 

13% 


56^ 

15 


54%8 
14% 


56% 
14 

52% 


55 r : 

SI/ X B 


54)3 

13 

8 


s*X 


51 l 2 


51 
45% 


5i 
55 
45 


52 


52 


52% 


52 >4 


50 
53 

45 










49 


48 






















6S)i 


"-1 


69 


663/ 


70 


70 


69 


68% 


68% 


68 


7i 


68 


71^ 


7 1 


7i 

i5 
37 


58 


32 


30 


























28 


























































40 


40 


























































60 
60 
17% 


60 






























60 


























17% 


17% 


17* 


























































9^ 


95 


























95 
62X 

18 

105 

120% 
120% 
117% 

IOI 

99 

112 
121 
113% 
113 


82 3£ 












62% 


62% 










62^ 






















































18 


104 
123% 

105 '- 3 
118 

I20# 

100X 
98 


103K 
123 % 

J 05H 

117 

120 

n 7 y 2 
99 


105 

I02 >4 

118 
95/s 
Q7 


104^ 

102 % 8 

"7* 

98 
95^5 


IQ 5 

102 7£ 

120 

"7% 

99 3 

Q7% 


104 % 

I22?8 
I02 3 4 
I20 
Il6 

99 : i 
07 


i°5# 

i°3% 
120% 

116% 

99/4 


103 ¥ 
120% 
116^ 
n6£ 

99 

97 
108 


103% 

103% 
117% 
116% 

I0O>4 


102 >4' 

™3% 
117^ 
"5& 

115* 

99^8 


101 

103% 

117X 

117 

n63^ 

100K 

98% 

ioS% 


103 

103% 
117 
116 
116 

IOO K 

97% 


103 & 

104 )i 
117 
"7* 

117% 

IOI 


ios% 

104% 

117 

116% 

::-" 

IOO 

98% 
I09^ 


102 ?i 

102^ 
116 
1:5 
112% 

"1/ 
95% 
108 


IIO^; IO94 II 0/ 3 4 


no^ 112 111% io8 3 4 


108^ 


I0S3 4 


108% no 




"3% 


Ix 3% TT0 ^ 




in 












108 


1 








[ 









;;;."|'..;.. 




113 



RANGE OF SECURITIES 


AT 


THE BALTIMORE 






January. 


February. 


March. 


April. 


May. 


Railroad Bends. 

West. Md.2d Mtg. (Gu.) 1890 

West. Md. 2d Mtg. Pref 1895 

West. Md. 2d Mtg. (Gu. W. Co.). 1895 
West. Md. 3d Mtg. iGu.) J. & J. 1900 
Mar. & Cin. 1st Trust Co. Certfs .... 
Mar. & Cin. 2d Trust Co. Certfs.... 
Mar & Cin. 3d Trust Co. Certfs.... 
Cin. Wash. & Balto. 1st 1931 


H. 


L. 


H. 


L. 


H. 


L. 


H. 


L. 


H. 


L. 










"o# 


IIO>8 






in 




in 


in 


126 
*33 
105 
56 


126 

J 3i 
100% 

53% 
















L 


101% 

55^ 


12914 
99% 
53>s 


J 3 2 % 
105 
54 X 


132 
104%: 

53 


132% 
105% 
55 


131 

104^ 

53% 


J 33 
106 

54% 


131% 
100 

49/8 






















Cin. Wash.' & Balto.' 3d ........ . 1931 

Cin. Wash. & Balto. 1st Incomes. 1931 
Cin. Wash. & Balto. 1st Bond Scrip. 
Cin. Wash. & Balto. 2d Bond Scrip.. 


















































































Cin. Wash. & Balto. 3d Bond Scrip. 










































Richmond & Danville Gold 6's 


9S5S 

105% 


94% 
104% 


93X 


93 


94% 


94^ 


95% 


9S'A 






Richmond & Danville 6's 1890 

Union R. R. End Canton Co 






117% 
109)6 
120% 
no 
118 
114 
no 
96 

54 
98 
58 
107^ 

77^ 
101% 

78 


"7% 

106 

120 

109& 

115 

112 

108 

9i 

5i 

95% 

58 
104%: 

74 

IOI 

74 


117M 
no 


117 

109% 


118 
in 
121K 
110& 

120% 

T12 

108 
92% 
53/<t 
96 

59% 
108 


118 
no 
121% 
110% 

117^ 

in 

107 

92% 

53% 

94 

59^ 
107^ 


118 


118 


Canton Co. 1st 6's Gold 1904 

Wilm. & Weldon Gold 7 % T.& J. 1900 
Wilm. Col. & Aug. 6's. J. & D. .iqoo 
Ohio & Miss. Spring'dDiv., M. & N. 
Virginia Midland, Series 1 


112 

120%: 

no 

in 
109 

9 1 

50 

57 

75 
ion/ 

73 
109 


107^ 

120 

108% 

114% 

in 

107% 

90 

50 

94/8 

57 
103 

75 

99% 
72% 
109 




121^ 

111% 
"9% 
114 
108% 

93 

52^ 

96 >o 


121& 

in 

116% 

in 


no 

"7% 
109 
107 
93 


109% 

"7% 
109 
107 
92% 


Virginia Midland, Series 2 


108 


Virginia Midland, Series 3 


93 

52% 

95A 




Virginia Midland, Series 5 


95^ 
59% 
107 

77% 
101^ 

WA 
102% 


94% 
58 
106% 

77 
101% 

78 
noj£ 
102% 




Atlanta & Charlotte 1st 7% J. & J.. 


108% 


108% 


Columbia & Greenville 1st 6's, J.&J. 
Columbia & Greenville 2d 6's 


104X 
81 


101X 
80^ 


IO4K 

8r% 
in 


104 A 


Charlotte, Colum'a & Augusta 2d 6's 
South Side 1st 8's, J. & J , 


102 % 


102^ 


99% 


99 % 












South Side 2d 6's, J.&J 

South Side 3d 6's, J. & J 

Virginia & Tennessee 2d 6's 

Virginia & Tennessee 3d 8's 

Newark, Som & Straitsv' 7's 1889 

Sandusky, Mansf. & Newark 7's. .1900 


100 


100 










102 


102 


104 


104 










roi 
125 


100% 
121 


101 
125 


100% 
124 


IOI^ 


IOI 


101% 


101% 














104 


104 


















95% 


953* 




















106% 


106X 












1Q 5% 
86 












86 
107 


85^ 
106 J$ 


87% 
107 

IOI 


Miscellaneous Bonds. 

Consolidated Gas 6's 


107 


ro 5% 


108 


107 


108 


io7 


106%: 

IOI 














103 % 
30 


103 

30 








Chesapeake & Ohio Canal bonds .... 


3i 


30 


30 
108 


30 
108 




















no 
131% 


no 

131% 














Cincinnati 7-30's, J.&J 


i3i# 


*3i l A 


131 
132 /£ 


131 

'32% 


132 


132 










Wilmington Bridge Bonds 

Miscellaneous Stocks. 

Consolidated Gas Co . 100 


















43 


4i 


46 


42% 


45% 


37 


39% 


37^ 


39^ 


38^ 











STOCK BOARD FOR 


TH 


E YEAR 1883. 






June. J ll b'- 


August. 


September 


October, j November 


December.' For the Year. 


H. 


L. 


H. 


L. 


H. 


L. 


H. 


L. 


H. 


L. 


H. 


L. 


II. 


L. 


H. 

125^ 

in 

111% 

128^ 

142 

no 

56 
103% 

80 

44% 

3° / 
110% 

87% 

48% 

30 

99% 
105% 

1 1 83/ 


L. 

125^ • 


in 


110 















































128 •, 
i34 
105 J* 
53* 

::::: 


126 127^ 


123 


124% 
140H 
108 % 
48 

102^ 
11 H 
43^ 


124K 
140 
107^ 
42 & 

IOI 

70 

39% 


141 
103 

50^ 
102^4 

74% 

41^ 

29 
109 

82 

46% 

29 

96% 


i39^ 
103 

47 

IOI % 

73 
41 
23% 

107% 
81 
46 
22% 

96% 












123 
1291/ 
99 % 

42% 

99^ 

70 

36% 

18 
















5i-'n 


54% 50Y2 
103J4 100 
80 75^ 

44% -'o 

30 30 

no% 108 Y 

$ 7 % 85 
48^ 46 

30 25 


46 
102 % 

73% 

40% 

25 
io3 

82^ 

46 

25 

96% 


46 

IOO% 

71 % 

38 

22 

IO6 >2 
80 

43 x /i 
96/4. 


100 
74 


'99^ 
73 , 


105% 

75 

38 

23% 
109 

43% 
23% 


TOO 

73% 
36% 
18 
108^ 
8t 
42 
IQY9 











109 
84 

46/2 
2 5 J 4 
96% 


107K 

81 

44 

20M 

9 1 


108% 

,8i% 

44 

96% 


108 
80% 
43>4 
22Y2 

96% 


106% 

80 

42 

*9% 

9i 
io 4% 










99% 














115 "5 
102^ 102^ 

12111121^ 




117 
103 


117 
103 


117 

103% 


117 

103% 


118% 

io 3% 
122 
in 
118 


IlO^f 

121% 
108 >£ 
118 

io 7 % 






™ 7 % 


^05 


102 ^ 102)2 






112 ( 102 1 / 


'25 


-25 
L0SY2 


109 


108 


109^ 108% 
121 ,120)^ 






no io8/£ 


IiX> 2 / 
121 
110 
112 

56 
98 
67% 
109% 

8 4 %s 

104% 

83% 

III 
102% 


108 


n8>2' 121 t n 1 ^: 


120% 




"4% 

109 

107 

90 

50 

94 

40 
103 

74 

99% 

7i 

I05 >2 

9 S 


us 

no 

92X 


113 xx6 
10814 no 


116 
108% 

93 , 

53% 

96 

40 
105H 




in 

108 

90 

56 

95% 

59 
107 


in 


"4% 

112 


"3 
108% 


in [109% 

93 ! 93 
53 • 52 
98 96% 


108^ 
90 


108 

90 


107% 
90 
51 yi 
94% 

59 
io5 


108% 




53K 

98 
40 

106^ 






5i 
97 

109% 

S 4 %8 

100% 
72 

107)2' 

98 


50^ 
96^ 

106% 
81 
100 

7i 

106^ 
98 


95% 


95% 


95% 


95* 


96 
67% 
108^2 


95 

61% 
106% 


109-% 


108^ 


107% 106^ 

79^ 79% 

ioi34 100 


107 


106% 


8i> 4 x 


81 Y 
109^ 

99^ 


!OI% 


IOI 


100 
78 


99%;ioo 98% 

78 n,a/J noV„ 


100 
73 


98% 
72 


110% 

99^ 










105% 105,^ 


99^ 


99% 


99 QQ 


















































104 

103 

102% 

125^ 

104 
III 

95}i 

107 

87% 
m% 

I°2% 
103^8 

IO&Y2 

"3 

i33 
132% 


IOO 


' * "' 












IOI % 


IOI% 










103 


103 


IOI^ 

ioofg 


I02 J 3 


T02% 
125 






ico% 


100% 











I2 5 % 


125 




125 










-25% 


12534 






















104 








in 

















































95Y 
105K 
84 

105 

IOO 
IOI 

20 
108 

no 
130 
132% 
























107 

84% 


107 

84% 

no 
102% 


87% 


87 
IO7 






84 
10754 


84 
106% 














I08 



107 


105 


109 


io 7% 


108% 


108X 

ICO 


nox/ 


108 y. 


I02 


IOI 

















26 


26 


20 


20 


20 


20 


108% 


30 


25 


3i% 


3°/£ 








io8^ 










113 


113 










112 


112 


*33 


133 






130 


I30 






131% 


131% 
































...... 








115 

53% 


"5 

5Q/£ 


42^ 


38/2 


44% 


4i/ 7 s 


46 


43% 


5iX 


46 ! 50 j 48^ 


52 Ys 


50 


TI 5 
53% 


TI 5 

37 



29 



A 



RANGE OF SECURITIES 


AT 


THE BALTIMORE. 






January. 


February. 


March. 


April. 


May. 


Miscellaneous Stocks. 


H. 

20% 


L. 

20^ 


H. 


L. 


H. 


L. 


H. 

21 
53 


L. 

21 

50 


H. 

21 
52^ 


L. 












5i 


Brush Electric Light Co 100 






67 


67 






















Union Manufacturing Co 20 










23 


23 














127% 


127% 
























































2 
2 

80 
i-45 

53 
1.05 
1.60 

75 
90 

94 1 / 


* 5 A 
2 

78 
1.25 
43 
85 
98 

45 
90 

9*76 


1* 

2 

65 

1-45 

55 

95 

1 .20 


1% 
2 

53 
1. 10 

44 
65 
66 
























Mining Stocks. 

Monongahela Gas Coal Co 10 

Balto. & North Caro'a Copper Co.. 5 

Ore Knob Copper Co 10 

Silver Valley Mining Co 5 

Bait. North St. Gold, Sil.& Cop. Co. 10 
Atlantic & Georges Creek Coal Co. .10 
Georges Creek Coal & Iron Co. . .100 


88 
1.50 

67 
1.25 

i-55 

1.05 

1 .00 

94 


80 
1.25 

45 
1. 10 

x -35 

45 

1. 00 

9 1 


61 
1.20 

54 

85 
1. IS 

45 
1.05 

93 


57 
90 

44 
49 
60 

40 
80 
93 


63 
94 
43 
55 
94 
56 
98 
9i 


50 
50 
19 
25 
40 

92 
90 


'93/2 
26 


26 




40 

23 
1. 00 


35 
23 

I. CO 


37 


34 






15 
32 


7 








24 


15 
65 


Col. Diamond S. & Mining Co 10 

Santa Clara. 100 



















30 









STOCK BOARD FOR 


THE YEAR 1883. 






Jnne. 


Ju 


ly. 


August. 


September 


Octc 


ber. [November December. 


For the 


Year. 


H 


L. 


H. 


L. 


H. 


L. 


H. 
20 


L. 

20 


H. 


L. 


H. 


l. 


H. 

19 & 
50 


L. 

19^ 
50 


H. 

21 

53 

67 
135 

23 
127^ 


L. 

50 
67 
135 

2C.J4 






51 


51 






50 


50 










































i35 


i35 














2oy z 


20^ 


20X 


20% 






























I27. 5 8 


































































1. 10 
2 


1. 10 
2 


1. 10 


1. 10 


















2 
2 

88 
1.50 

67 
1-25 
1 .60 
1.05 
1.05 

94)4 

26 

40 

32 


























50 
60 


44 
18 
18 

45 
90 










50 
44 
25 


3° 
37 
25 










3° 
35 
18 


55 
3i 
22 

50 


50 
20 
20 

45 


50 
32 
20 

41 

8 5 


50 
30 
15 

38 


48 
33 


46 
3° 


40 
25 
14 


35 
20 

13 

35 

75 






36 
25 
97 
55 
9 1 
90 


25 


23 

10 


5i 


40 


47 






40 
35 
73 
90 

24 
07 

15 




73 


73 






M 
























10 
40 






9 


8 


8 


... 

8 










28 


45 


45 














45 


28 


25 


31 


30 


3° 


30 






1 .00 













WEST VIRGINIA CENTRAL & PITTSBURG RAILWAY CO. 

From Piedmont, W. Va. to Fairfax Summit, W. Va. with branch to Elk Garden, 50 mile-, has, 
just been completed with steel rails, gauge 4 ft. &% in., thoroughly equipped with rolling stock. 
engine houses, water stations, and telephone. All the bridges upon the line of the road are of 
iron. 

President, Hon. H. G. DAVIS, of W. Va. 
Secretary, A. EBERT. Treasurer, C. M. HOULT. 

Directors. 
S. B. ELKIXS. JAMES G. BLAINE. 

AUGUSTUS SCHELL, WM. H. BARNUM, 

J. N. CAMDEN, A. P. GORMAN, 

ALEX. SHAW, WILLIAM KEYSER, 

JNO. A. HAMBLETON, T. B. DAVIS. 

Bonded Debt, 1st Mortgage 6's. (sold at par and accrued interest due 1911) $i,coo,coo 

Capital Stock, ($500,00;- in Treasury) , 6,000,000 

EARNINGS. 

Year ending December 31st, 1883. 

From Sale of Coal. 

During the year the Company has mined and sold 261,075 tons of coal from the 14 foot or 

"Big Vein'" in the Elk Garden Coal Field, the net profit from the sale of which amounted 

to 541,038,13 

From Transportation. 
The gross earnings on 12*2 miles to Elk Garden, for the year, and to 

Elkins, 32 miles, from August last, to January 1st, were $91,533.85 

Operating expenses 35,279.26 

— $56,254.59 

Total net earnings from sale of coal and transportation $97,292.72 

Interest paid on Company's mortgage bonds during the year 53,000. co 

Net earnings after paying all fixed charges $44,292,72 

The financial condition of the Company on the 1st of January 1884, was approximately, as 

follows : 

Assets. 

Due from Coal Department $89,940.57 

December coal bills, &c 16,850.51 

In Bank 17,825.07 



$124,616.15 
Liabilities. 

Sundry bills payable $60,368.06 

Interest on bonds to January 1st 29,000.00 

Mine and Road Pay-rolls for December, &c 24,519.20 

Total , $113,887.26 



Balance on hand $10,728.89 

Personal Property, Rolling Stock, &c. 

Road, Material on hand $8,154.62 

Machinery," " " $603.20 

Rolling Stock 100,200.00 

$100,893.20 

Mines, Personal Property 20,504,50 

Mine Construction, Euildings, and Permanent Improvements, (during 1883, 

$12,589.26) x 78,203,36 

Total §207,755.68 

Which represents the cost, less 10 per cent, deducted for wear and tear. 

32 



The route has been carefully surveyed and located from Fairfax Summit to Davis, at the 
junction of Beaver and Blackwater rivers, $% miles, and some work has been done on con- 
struction Also, several openings have been made in the 8 foot seam of ccal, which this ex- 
tension and a short branch road, is intended to reach. For this work the board have autho- 
rized the issue of £100,000 bonds, all of which have been subscribed for at par and accrued 
interest. 

COAL, ORE, TIMBER AND OTHER LANDS. 

The Company owns 29,069 acres of coal lands and 3.175 acres of iron ore lands in fee. and 
has mineral rights on 1,743 acres of coal land and 3,664 acres of iron ore land. It also owns 
fourteen acres of land, in fee, at the junction with the Baltimore and Ohio Railroad, and lands 
at other points on the road, procured for terminal and depot purposes. 

These coal lands — which include the celebrated "Big Vein" 1 at Elk Garden now being worked 
by the Company — are situated on or near the line of the railroad. In the Elk Garden basin 
there are 15.000.000 tons of ''Big Vein" coal, and in smaller veins, extending over a much greater 
area, about co. 000,000 tons, making an aggregate of 105,000,000 tons of coal on the lands of the 
Company at this place. In the Upper Potomac and Stony River basins, where the larger por- 
tion cf the lands of the Company are located, numerous veins of coal have been opened, vary- 
ing from four and a half to nine feet in thickne?s. The estimate of the total quantity of coal 
that can be mined from all the lands of the Company amounts to 360,000,000 tons. 

TIMBER. 

The coal and iron ore lands are covered with a primeval forest of black walnut, cherry, 
white spruce, ash, hemlock, maple and poplar. The sale of lumber, and its transportation over 
the road, will materially add to the revenue of the Company. 



BELLAIRE, ZANESVILLE & CINCINNATI RAILROAD. 

(NARROW GUAGE.) 

Bellaire, O., to Zanesville, O., 113 miles. Connects at Zanesville with B. & O. and Penn- 
sylvania Railroads. 

Capital Stock (par $50) $832,000 

FUNDED DEBT. 

First Mortgage, Gold 6's, due 1912 $1,040,000 

$250,000 of these bonds held by Farmers Loan & Trust Co., New York, to retire a like 
number of Bellaire & South Western Railway Bonds, when same fall due. 

Annual Interest Charges $65,940 

That portion of the line between Bellaire and Woodsfield (42 miles) was completed in No- 
vember, 1879. The building of the extension of the line from Woodsfield to Zanesville was 
commenced in September, 1881, and the entire line was completed on the first of December, 
1883, and is now in operation. 

The net earnings of the 42 miles first built were $28,261.51 for the year 1882, and at the rate 
of $29,868 per annum for the seven months of 1883, before any of the extension was opened for 
business. On the same basis only, the net earnings of the entire line would be $80,343 per 
annum for the 113 miles from Bellaire to Zanesville — a sum one-third more than annual interest 
on the entire issue of $1, 040, 000 first mortgage bonds. 

33 



A 



THE COAL AND IRON FIELDS 

of Perry and Hocking counties are located on this line about midway between Bellaire and 
Cincinnati. These fields are celebrated for their extent, richness and varieties of both coal 
and iron ore, and the ease and cheapness with which they are mined. Having no superior in 
these respects, the production of pig metal in these counties has had a marvellous growth, until 
from a small beginning a few years since, the production in 1880. in Hocking county was 30,857 
tons ; and in Perry county 12,433 tons ; or a total of 43,340 tons, and with a rapidly increasing 
production. 



BALTIMORE & OHIO RAILROAD. 

Baltimore to Wheeling (main) 379 miles ; Branches — To Locust Point 5, Camden cut-off 1, 
Junction to Frederick City 3, Point of Rocks to Washington 43, Curtis Bay Branch 5 miles, 
Washington, Pa., to Pittsburg, Pa. (narrow guage), 38 miles, Bridges 3; total owned, 478; 
branches leased — Hyattsville to Shepherd, Md,, 13, Winchester to Harper's Ferry 32, Win- 
chester to Strasburg 19, Strasburg to Harrisonburg 50; total branches leased, 114; total B. & 
O, main and branches 553 ; leased, controlled and operated — Relay House to Washington 31, 
Grafton to Parkersburg, W. Va., 104, Wheeling to Washington, Pa., 32, Pittsburg to Cumber- 
land, Md., 150, Berlin Branch R. R. 9, Mineral Point to Johnstown 46, Weaverton to Hagers- 
town, Md., 24, Harrisonburg to Staunton 26, Broadford to Mt. Pleasant, Pa., 10, Connellsville 
to Uniontown, Pa., 14, Bellaire to Columbus, O., 137, Sandusky to Newark, O., 116, Pittsburg 
Southern R. R., 53, Newark, O., to Shawnee, O., 44, Chicago Junction, O., to Illinois Junction, 
111., 263 ; total leased, &c, 1,059 ; total operated, 1,650 miles. The B & O is constructing a 
lateral road from near Baltimore northward to be known as the Philadtlphia branch. It will 
connect with the Baltimore & Philadelphia Railroad now being built through the State of Del- 
aware by way of Wilmington, and so on to Philadelphia. 

s '- k {r m H 5 :^} ^^> 556 

The preferred stock carries 6 per cent, dividends only. The common stock has paid — in 
1877, 8 per cent. ; in 1878, 8 in stock; in 1879, 4 stock and 4 cash ; in 1880, 9; in 1881, 10; in 
1882, 10; and in 1883, 10. 

Last dividend, 5 per cent., semi-annual, November 1, 1883. 

FUNDED DEBT. 

Loan of 1880, extended, pay at will, 4 per cent $579oOO 

Loan of 1853, 6 per cent., due 1885 1,710,000 

Loan of 1870, 6 per cent., Sterling £800,000, Sinking Fund, due 1895 2,272,588 

Baltimore City Loan of 1855, 6 per cent., due 1890, Sinking Fund 2.575,000 

Sterling Sinking Fund Loan, 6 per cent., due 1902 7,668,901 

Sterling Sinking Fund Loan, 6 per cent., due 1910 8.593,640 

Pittsburg Division purchase bond, 6 per cent., $40,000 payable yearly 680,000 

Sterling Loan on Chicago Division, 5 per cent. , due 1927 7,484.000 

Parkersburg Branch Bonds, 6 per cent., due 1919 3,000,000 

Parkersburg Branch old 3d mortgage, 6 per cent., due 1885 140,000 

Maryland State Loan, 6 per cent., due 1888 366,000 

Philadelphia Branch, Sterling 4^ per cent., due 1933 11,616 000 

34 



The following is a synopsis of the statement of the Company for 1883 as compared with 18 
881 and 1882 : 



Gross receipts of Main Line and Branches, $18,317,740.10 $18,463,875 

Expenses " " 10,330,770.08 11,390,478 

Net Earnings " " 7,986,970 02 7 072,398 

Balance to profit and loss 2,356.984.44 1,697.038 

Surplus Fund 40,561,643.37 42,258,680 



1882. 

$18,383,875 

10,929,213 

7,454,662 

1,648,978 

43,907,658 



1883. 

$i9,739, 8 37 

11,034,014 

8,705,823 

1,855,821 

45,763,479 



Earnings. 



Expenses, j Net Earnings. 



Main Stem, including the Winchester and Potomac. 
Winchester and Strasburg, the Strasburg and 
Harrisonburg, the Metropolitan Branch, and the 
Washington City and Point Lookout, and the 
Somerset and Cambria Railroads 

Washington Branch 

Parkersburg B r anch , 

Central Ohio Division 

Lake Erie Division 

Chicago Division 

Pittsburgh Division 

Wheeling, Pittsburgh and Baltimore Railroad 

Pittsburgh Southern Railroad, from Nov. 1, 1882. 

Newark, Somerset and Straitsville Railroad 

Working Expenses, 55.89 per cent 



$11,579,830.25 

346,505.27 

738 527.26 

1,103,838.65 

999,128.38 

1,878,167.22 

2. 813. 172. 41 

72.090.75 

43.787.70 

164,781.04 



#i9,739,837-93 



$6,147,655.80 


$5,432,183.45 


124,257.52 


222,247.75 


478.465.76 


260,061.50 


716,050.21 


387,788.44 


707.347.22 


291,781.16 


1,304,064.10 


573>503. 12 


1,334,897-55 


1.478,274.86 


40,070.22 


32.O2O.53 


35,336.92 


8.45O.78 


145,269.39 


I9,5II-65 


11,034,014.69 


$8,705,823.24 



The following table shows the several items of traffic for several years past : 

1881-82. 



i?77-78. 1878-79. 1879-80. 1880-81. 
Through Merchandise, 

East and West — Tons 1,149,499 1,425,629 1.980,397 2,014,110 

Carried to Baltimore — 

Flour, bbls ,... 778,211 743,381 598,992 959.568 

Wheat, bush 9,365,233 18,467,493 16,409.300 12.572,332 

Corn, bush 10,164,285 10,065,530 8,510,456 6,728,287 

Total grain of all kinds — 

bushels 20,639,654 29,622.895 25,962,696 20,329,858 

Live stock, tons 132,462 121,433 165,454 IT 5i885 

Lumber tons 4 I , 2 7o 40,724 54,53° 79j°°3 

Coal and "Coke carried — 
tons — 

On Main Stem 1,483,076 1,596,004 2,255,146 2,180,608 

Of which for Co. 's use 353,689 382,792 423,256 424,521 

On Pittsburg Division 1,363,061 1,599-695 1,821,256 1,980,102 

On Trans-Ohio Div'n 216,998 195,276 312.454 378,917 



2,043,227 

607,038 

6,586,814 

59 x ,7*9 

8,343,240 
80,248 
95,266 



2,521,226 
386,626 

2,447,749 
678,041 



1882-3. 
2,108,325 

701.935 

6,633,443 

4,935,900 

12,770,392 
9°-53o 
93-332 



2,58i,557 
409,635 

2,402,130 
684,696 



The Statement of the Baltimore and Ohio Railroad Company for the fiscal year ending 
September 30M, 1883, was submitted at the stockholders meeting, held on Monday, November 
26th. The report is very favorable and shows a large increase both in traffic and earnings as 
compared with the fiscal year of 82. The earnings of the Main Stem and branches show an 
increase of $1,023,269.15 and an increase of $164,029.81 in working expenses, making a compa- 
rative increase of $859 239.84 in net profits. The expenses of working~and keeping the roads 
and machinery in repair amounted to $6,147,655.80. being 53.08 per cent. The gross earnings 
and expenses of all the lines operated by the company show an increase in net results of $1,251,- 
161. 1 7. The profit and loss account shows an increase of $1,855,821.05, which added to the 

35 



Surplus Fund makes the grand total $45,763,479.89. The capital stock of the company is $14,- 
783,700, Mr. Garrett, Baltimore City and the Johns Hopkins University being the largest 
holders. The stock is now selling at near 203 and pays zo% per annum. During the great de- 
cline in Railroad Stocks Baltimore & Ohio has been sustained at near the highest point ever 
reached. 

The President makes the following statement: 

"To meet losses that it was expected would be made, in connection with the reorganization 
of the Marietta & Cincinnati Company (now known as the Cincinnati, Washington & Balti- 
more Railway Company), and which realized and estimated now amount to $6,906,152.28, and 
those incurred in aiding the reorganization of the Indianapolis, Cincinnati & Lafayette Com- 
pany, $73,245 75, the following profits and investments were reserved, and have been hereto- 
fore held in 'Outstanding Accounts and Loans/ and not credited to the Profit and Loss Ac- 
count, namely : the profits on the Pittsburg & Connellsville Loan Guarantee Account ; on the 
Securities of the Virginia Midland Railway Company, and on the West Ycughiogheny Rail- 
road, and additional investments in the Hempfield and the Baltimore & Ohio and Chicago 
Railroads. In addition to crediting the sums of these accounts for the purpose of meeting the 
remainder of those losses. $854,846.60, have been charged in the Profit and Loss Account, thus 
reducing the earnings of the Surplus Fund for this fiscal year from $2,710,607.65 to $1,855,821.05. 

"The heavy losses made through the assistance rendered for many years to the Marietta & 
Cincinnati Road to secure the completion and effective working of that important line, it is 
believed will be justified, great as they have been, by the results which will be realized in pro- 
moting the trade and intercourse between Baltimore and Washington, and the cit} 7 of Cincin- 
nati and the entire Southwest. 

"The extraordinary advantages of this short line to and from Cincinnati and all the regions 
connected with that important center of commerce and manufactures, cannot fail to be recog- 
nized when the distance between Cincinnati and Baltimore by this route and by other routes 
to New York is compared. 

"Whilst the distance between Cincinnati and Baltimore by the Cincinnati, Washington and 
Baltimore Railway, the Parkersburg Branch and the Main Stem of the Baltimore & Ohio 
579 miles, the distance to New York by the New York Central, namely, via Buffalo and Alba- 
ny, is 868 miles, making the difference in favor of Baltimore as thus compared with New York 
of 289 miles, a difference so striking as to be controlling in the ultimate direction of trade alike 
for the ordinary interchanges of traffic and for imports and exports." 

"The Baltimore and Ohio Railroad Company, under resolutions adopted unanimously by the 
stockholders, is building the Philadelphia Branch from a point of connection with its Main 
Stem to the northern boundary line of Cecil county, in the State of Maryland, where it con- 
nects with the road which the Baltimore and Philadelphia Railroad Company is constructing 
through Delaware by way of Wilmington to and into the city of Philadelphia. 

"The railroad of the latter company is being built under a contract between it and the Bal- 
timore and Ohio Company, which secures to the Baltimore and Ohio Railroad Company all the 
first mortgage 4>2 per cent, bonds of the Baltimore and Philadelphia Railroad Company. 
These bonds of the Baltimore and Philadelphia Railroad Company, with other securities, 
have been placed in the hands of trustees as security for the loan of ^2, 400,000. 

"This loan, issued by the Baltimore and Ohio Railroad Company for the construction of the 
road between Baltimore and Philadelphia, is payable in 1933, bears 4^ per cent, interest per 
annum, payable semi-annually in London, and has been negotiated at par." 



36 



CINCINNATI, WASHINGTON & BALTIMORE RAILROAD 

COMPANY. 

This Company was formed by the consolidation of the Marietta & Cincinnati, the Cincin- 
nati & Baltimore, and the Baltimore Short Line Railroad Companies. 

Main line and branches 312 miles ; main line from the Ohio river opposite Parkersburg, W. 
Va., to Cincinnati, Ohio. 

Stock (com, $6,854,096} $20,389,999 

(pref., 13,535.903 J * >a y»yyy 

FUNDED DEBT. 

First mortgage (Prior Lien bonds) 4^ per cent $500,000 

First mortgage (Guaranteed by B. & O. R . R. Co.) 4^ per cent 5,935,°oo 

First mortgage 6 per cent 1,250,000 

Second mortgage 5 per cent 3,040,000 

Third mortgage 3 per cent, for 10 years and 4 per cent, thereafter 2,270,000 

Cincinnati & Baltimore bonds (assumed) 7 per cent 750,000 

Baltimore & Short Line bonds (assumed) 7 per cent 500,000 

First Income (non-cumulative) 5 per cent 3.410,000 

Second Income (non-cumulative) 5 per cent 4,000,000 



Total 21,655.000 

Total fixed charges 672,175 

Gross Earnings for current year 1883 1,956,972 

Net Earnings for fiscal year {unofficial) ending June 30, 1883 257,346 



PITTSBURGH & CONNELLSVILLE RAILROAD. 

Road owned, Pittsburg, Pa. to Mt. Savage Junction, Md. 147 miles; branch 2 miles ; leased 
lines, 22 miles ; total 171 miles. 
Capital Stock $1,944,400 

FUNDED DEBT. 

1st mort., 7 per cent., due 1898 $4,000,000 

Turtle Creek Division, 1st mort., 6 per cent., due 1882 326,600 

Consol. mort., B. & O. s. f. ^7,200 per year, int. 6% gold, due 1926 6,500,000 

EARNINGS FOR LAST FISCAL YEAR. 

Gross $2,813,172 41 

Expenses 1,334,897 55 

Net • $1,478,274 85 

After paying the interest on $4,000,000 7 per cent, first mortgage 

bonds $280,000 00 

The interest on the Turtle Creek bonds 19,647 00 

'he interest on the Sterling Consolidated mortgage bonds 377,222 04 

iid the interest on the amount held in the Sinking Fund 4,856 43 

nd for the construction of 25.4 miles of double track and 7 miles 

of additional sidings e o 212 &-> 

Making $1,184,938 30 

37 



Pittsburgh & Connellsville Railroad — Continued. 

There remains an excess of net earnings of $293,336 56 

Which has been credited on account of cash advances and interest thereon made by the Balti- 
more and Ohio Railroad Company to the Pittsburgh and Connellsville Railroad Company. 
December 1875, tne property was leased to the Baltimore & Ohio Railroad. 



PARKERSBURG BRANCH RAILROAD. 

Miles of road, 133. 
Built mainly by Baltimore & Ohio road and operated by them. 

FUNDED DEBT. 

Parkersburg branch bonds, 6 per cent., due 1919 $3,000 000 

Parkersburg branch old 3d mort., 6 per cent., due 1885 140,000 

Pfd. Stock, 113,613 shares; Com., 18.868 shares. Par value, $50 per share, Pfd. and Com. 

EARNINGS FOR FISCAL YEAR. 

Gross $738,527 

Expenses 478,465 

Net $260,062 



BALTIMORE & POTOMAC RAILROAD. 

Road owned, Baltimore to Washington, 41^ miles; Bowie to Pope's Creek, 48 7-10 miles; 
total, 90 2-10 miles. Locomotives, 26; passenger cars, 56 ; freight cars, 272. 
Stock $3,553,25° 

FUNDED DEBT. 

1st mort., 6 per cent., due 1911 $3,000,000 

1st mort., tunnel bonds, 6 per cent., due 1911 1,500,000 

2d mort., income, 6 per cent., due 1915 2.000.000 

Total $6,500,000 

Annual interest charge, including incomes 390,000 

The 1st mortgage bonds are guaranteed by the Northern Central and Pennsylvania Railroad 
Companies. The income bonds are all held by the Pennsylvania Railroad Company. 

Gross. 
1878 $639*076 

1879 699,772 

1880 790,147 

1881 966,432 

1882 1,097,008 

1883 

Deficit met by guarantor companies. Pennsylvania Railroad Company owns controlling 
interest in the stock. 

38 



Net. 


Charges. 


Deficit. 


$92,8.0 


$275,150 


182,260 


*73,57° 


272,317 


98,747 


i57,4 8 4 


272,342 


114,858 


125,509 


272,318 


146,809 
Surplus, 


306,287 


272,453 


33,834 



NORTHERN CENTRAL RAILWAY. 

Road owned, Baltimore, Md., to Sunbury, Pa., 136 miles; branch, 9 miles ; leased, Shamo- 
kin branch, 28 miles; Williamsport, Pa., to Canandaigua, N. Y., 147 miles; total, 322 miles. 
Trains also use Philadelphia & Erie track from Sunbury to Williamsport, 40 miles, and P. & 
E. trains use track of this road from Rockville to Sunbury, 40 miles. Locomotives, 152; pas- 
senger cars, in ; freight cars, 5.249 ; also 1,250 Car Trust cars, and 218 in maintenance of way. 

A controlling interest is owned by the Pennsylvania Railroad Company. 
Stock $6,500,000 

FUNDED DEBT. 

Maryland State Loan, 6 per cent., perpetual $1,500,000 

2d mort., 6 per cent., 1885 1^90,000 

3d mort., 6 per cent., 1900 , 1,126,000 

Consol. mort., coupon, 6 per cent., 1900 2,599,000 

Consol. mort., registered, 6 per cent., 7900 205,000 

Consol. general mortgage, 6 per cent., 1904 4,558,000 

2d general mortgage, series A, 5 per cent., 1926 2,901,000 

2d general mortgage, series B, 5 per cent., 1926 1,000,000 

Total $15,379,000 

Annual interest charge 883,730 

The consolidated general mortgage is for $10,000,000, to include all prior liens except the 
Maryland State Loan. In February, 1882, the company bought from the Canton Company all 
the stock of the Union R. R. in Baltimore, $600,000, and assumed payment of its bonded 
debt of $1,500,000 and the annual interest of $90,000 thereon, to become due after March 1, 
1882, viz :— 

1st mort., 6 per cent., 1895, $900,000 annual interest 54,000 

2d mort., 6 per cent., 1900, 600,000 annual interest 36,000 

The company guarantees, jointly with Pennsylvania R. R. Co., the 1st mortgage bonds of 
the Baltimore & Potomac Company. 

Last dividend, 4 per cent., semi annual, Jan. 16, 1884. Stock was increased from $5,842,000 
to $6,500,000 in 1882, to provide for purchase of Union R. R. stock. 

INCOME. 

Gross Earnings. Net. Charges. Net Income. 

878 $3,723,456 $1,510,483 $1,485,586 $24,897 

879 4,107,949 1,580,139 1,416,144 163,995 

880 5,°5°i3 8 7 2,043,634 I ,4 I 7,79° 625,844 

881 , 5,443,700 1,917,454 1,459,417 458,037 

882 5,800,176 2,241,822 1,512,405 729,417 

883 6,088,130 2,256,526 

Net earnings include interest and miscellaneous receipts. Dividends paid in 1878 and 1879, 
none ; in 188c, 2% per cent. ; 1881, 6 per cent. ; 1882, 3 and 4 per cent. 

PROFIT AND LOSS. 

Net Income and other Credits. Charges. Dividends. Balance. 

1877 L. $368,413 

1878 $92,063 " 276,350 

1879 i79- l6 3 " 97^87 

1880 673,636 $242,694 2%% $146,047 P. 187,708 

1881 468,506 6% 350,517 " 305,697 

1882 , 773,33° 195,357 7% 444.272 " 439,397 

39 



WESTERN MARYLAND RAILROAD. 

Road owned, Baltimore to Williamsport, Md., 90 miles; branch, 7 miles; leased, 34 miles; 
total, 131 miles. 

Capital Stock $682,2 

FUNDED DEBT. 

1st mort., endorsed by Baltimore City, 6 per cent., 1890 $200,000 

1st mort., unendorsed, 6 per cent., 1890 , , 400,000 

2d pref. mort., unendorsed, 6 per cent., 1895 6oo,coo 

2d mort., endorsed by Baltimore City, 6 per cent., 1890 300 000 

2d mort., endorsed b}r Washington County, 6 per cent., 1890 300,000 

3d mort., endorsed by Baltimore City, 6 per cent., 1900 875,000 

4th mort., endorsed by Baltimore City, 6 per cent., 1902 1,000,000 

5th mort., Hillen Station Loan 200,000 

6th mort., Last Loan by Baltimore 684,000 

Funded coup. 6 per cent., 1890 546,007 



Net. 


Charges. 


Deficit. 


$73,095 


$220,500 


^47,405 


88,278 


220,500 


132,222 


85,952 


253,178 


167,226 


175,657 


253,178 


77,52i 


254,174 







Total , $7,005,007 

Annual interest charge 306,217 

Accrued interest to Baltimore City 1,630,000 

Accrued interest to Washington County 270,000 

EARNINGS. 

(Year ending September 30.) 

Gross. 

878-79 $347,442 

879-80 397,564 

880-81 461,871 

881-82 540,148 

882-83 654,164 

Interest on the endorsed bonds is paid by the endorsers. 
The recent statement of the President of the Western Maryland Company makes a very 
favorable showing of the condition of the road. Of late years, this road has been won- 
derfully developed, and both its traffic and earnings have largely increased. Formerly 
the Western Maryland depended entirely upon its local trade, but, at the present time, 
it receives large amounts of freight from its connection with the Shenandoah Valley 
Road at Hagerstown. The Waynesboro Branch, and the Hanover & Gettysburg Road 
are also valuable feeders. The Western Maryland Company has labored under many 
difficulties, and has been largely assisted financially, by Baltimore City. Although the 
company has, heretofore, been unable to pay the interest on the bonds endorsed by Balti- 
more City, and Washington County, (except $200,000 First Mortgage bonds, endorsed by 
Baltimore) the aid rendered has been of great benefit to our merchants and citizens, and the 
continued increase in the earnings of the company give promise of some return of interest on 
the advances made. The Western Maryland Road strikes the Chesapeake & Ohio Canal at 
Williamsport, and large shipment of coal from the Cumberland regions are made, thus supply- 
ing not only the demand along the line of the road, but also competing with the Baltimore & 
Ohio in coal shipments to Baltimore. The President in his report says as follows : 

"The enlargement of depot and yard facilities at Hillen Station, referred to in the last report 
as having been begun, was completed April 1, and the additional facilities thus provided, have 
enabled the company to accommodate a much larger business than would otherwise have been 
possible, and still there is now ample provision for a much greater expansion. Neither could 
the business have been increased to the extent it has, without the Improvement Loan made by 

40 



the city of Baltimore to the Company, as the portion so far applied has nearly doubled the 
equipment, has extended the steel track to the Blue Ridge, and has substituted the most 
approved type of iron for several of the most important wooden bridges. 

"As the company is now paying interest upon this, and upon both of the Hillen Station loans, 
while its ability to do so is daily increasing, the wisdom of extending this aid will not be 
questioned by any who understand the true interests of the city. 

"The company is now paying interest upon $3,021, 572 of its indebtedness, and unless the 
making of provision for business, that must soon te derived from new sources, should require 
expenditures of net revenue, otherwise available, it will, at an early day, be able to assume the 
payment of interest upon a still larger sum. 

"The gross earnings have been : From passengers, $259,740.04 ; from freight and express, 
$348,996.49; milk and marketing, $29,590.32 ; mails, $10,193,74 ; miscellaneous sources, $5,643.62 
total. $654,164.21. The operating expenses were: Transportation department, $247,019.08 
^machinery department, $58,971.59; road department, $68,667.25 ; general expenses, $25,331.31 
total, $399,989.23. The net earnings were, $254,174.98. As compared with the earnings of 
1882, the total increase of earnings was $114,015.55 ; as compared with the expenses of 1882 
there was a total increase of $35,498.04." 

The management of ihe affairs of the company is excellent and, of late years, the road has 
made rapid advances to prosperity. 

Large amounts of the earnings of the company have of late years been expended upon repairs, 
new rails and rolling stock. 



VIRGINIA MIDLAND RAILWAY. 

Road owned, Alexandria, Va., to Danville, 242 ; branches, 133 ; branch leased, 30; total 405 
miles. Branch from Strasburgto Harrisonburg, 51 miles, is leased to Baltimore & Ohio Co., 
leaving 354 miles worked. 

A controlling interest is owned by the Richmond & West Point Terminal Co. 
Stock * $6,000,000 

FUNDED DEBT. 

Bonds, 1st series, 6 per cent., due 1906 $600,000.00 

Bonds, 2d series, 6 per cent., due 1911 1,900,000.00 

Bonds, 3d series, 5 per cent., to March 1st, 1886, then 6 per cent., due 1916 1,100,000.00 

Bonds, 4th series, 3 per cent., to March i, 1891. 4 to March, 1901, then 5 per cent., 

due 1921 943,800 

Bonds. 5th series, 5 per cent., 1926 1,775,000.00 

Bonds, 6th series, 4 per cent., to March 1, 1889, then 5 per cent., due 1931 1,310,000.00 

Total amount mortgage bonds outstanding $7,628,800.00 

Income bonds outstanding, bearing 6 per cent, cumulative 3>555j643.ii 

Interest on 1st to 6th series bonds inc 376.510.50 

Interest on Income bonds paid April, 1883 62,295.97 

Interest on Floating debt 5,251,80 

The company is a reorganization of the Washington City, Virginia Midland & Great 
Southern. 

The 1st series of bonds is secured by a 1st lien on all lines between Alexandria and Gordons" 
ville, including the lease of Charlottesville & JRapidan R. R. ; the 2d series by a 2d lien on the 
same line and a 1st lien on the line between Charlottesville and Lynchburg; the 3d series by a 
3d lien on lines between Alexandria and Gordonsville, and a 2d lien between Charlottesville 

4i 



and Lynchburg ; the 4th series by a 4th lien on lines between Alexandria and Gordonsville and I 
a 3d lien between Charlottesville and Lynchburg; the 5th series by a 5th lien on lines between I 
Alexandria and Gordonsville, a 4th lien between Charlottesville and Lynchburg and a 1st lien I 
on the road from Manassas Junction to Harrisonburg ; and on the lease of the Strasburg and I 
Harrisonburg R. R. to B. & O. R. R. Co. ; the 6th series by a 1st lien on road between Lynch- 1 
burg and Danville, including Pittsville Branch and lease of Franklin & Pittsylvania R. R. | 
and a 6th lien on the lease of the Charlottesville & Rapidan R. R. 

In addition to the above the company has made provision for the issue of $4,000,000 income I 
bonds secured by mortgage dated November 29, 1881, the bonds to mature January 1st, 1927 f I 
and to bear interest at the rate of 6 per cent, cumulative, payable January 1st and July 1st, the 
amount to be paid each year to be determined by the Board of Directors within 60 days after 
the close of each fiscal year, any amount unpaid to be carried forward as a debt, (not bearing 
interest) against the company. The takers of these bonds to receive an equal amount of com- 
mon stock, which was increased from 800,000 to 6,000,000 for this and other purposes. 

The following statement shows the gross earnings and expenses of the company for the fiscal 
year ending September 30th, 1883 : 

GROSS EARNINGS. 

Freight $841,209.19 

Passengers 552 125.73 

Express 81,594.78 

Mail 78,829.49 

Manassas rental 89,250.00 

Miscellaneous sources 21,194.85 

Total amount gross earnings $1,664,204.04 

Less operating expenses (57.45 per cent . ) 956,194.67 

Balance after paying operating expenses $708,009.37 

Out of this remainder the following amounts have been paid during the fiscal year; 

Interest on 1st to 6th series bonds, (inclusive) $376,510.50 

Interest on Income honds, paid April, 1883 62,295.97 

Interest on floating debt 5,251.80 

Rental of Charlottesville and Rapidan Railroad 35,300.00 

Rental of Franklin & Pittsylvania Railroad 7,000.00 

Making a total of $486,358.27 

Leaving a net balance of $221,650.10 

Exclusive of the regular operating expenses of the road and the fixed charges stated 

above, there has been expended during the year the sum of $119,908.09, as 

follows : 

CONSTRUCTION. 

Ballasting, betterments, putting in new rails, bridging, cattle pens, land 
damages, new sidings, new depots, and additional terminal 
facilities $74>977>° 1 

EQUIPMENT. 

New engines, new freight, passenger, express and mail cars, and part 
payment on one-half interest in tug and barge between Alexandria 
and Shepherd's $44*386.33 

EXTRAORDINARY EXPENSES. 

Repairs to Union Street, Alexandria $544-75 

Making a total of $119,908.09 

42 



After paying for these expenditures, in addition to the operating expenses and fixed 
charges of the company for the year ending September 30, 1883, there was a 
balance of $101,743.01 

left from the earnings of last year. 

TEMPORARY LIABILITIES AS OF SEPTEMBER 30, 1883. 

Interest on ist to 6th series bonds due but not called for $19,563.66 

[Note — This amount has nearly all been called for and paid since Sept. 30th.] 
Bills payable as follows : 
Railroad Equipment Co. (reduced each month by a payment of $413), $15,281.00 

Adams Express Co 21,935.01 

Baltimore and Ohio Railroad Co,, on account of one-half interest in 

tug and barge , 15,000.00 

— $52,216.01 

The amount ($52,216.01) has been reduced since September 30th, 1883, by actual payments 
thereon to the extent of $18,317.32. 

The company held as of September 30th, 1883, the following securities : 

4th series bonds $6,2co.co 

Income bonds 414,416.67 



Common stock of the $6,000,000.00 issue which was received in ex- 
change for the ist and 2d p eferred and common stock $662,436.67 

Excess of $6,000,000.00 not issued 400.000.00 



Making a total of $1,062,436.67 

The following statement will show the gross earnings and operating expenses of the fiscal 
year ending September 30, 1883, as compared with the same period ending September 30, 1882 : 

1883. 1882. Increase. Decrease. 

Freight $841,209.19 $707>37°-59 $133,838.60 

Passenger 552,125.73 508,886.65 43,239.08 

Express 81,594.78 57,705.12 23,889.66 

Mail 78,829.49 102.748.95 23,919.46 

Rental, Man's 89,250.00 89,250.00 

Miscellaneous 21,194.85 25,959.38 4*764.53 



Totals $1,664,204.04 1,491,920.69 172,283.35 

Operating expenses 956,194.67 945,116.23 11,078.44 



Balance $708,009.37 546,804.46 161,294.91 



RICHMOND & DANVILLE RAILROAD COMPANY. 

MILES OF LINE OWNED OCTOBER ist, 1883: 

Richmond & Danville Railroad, Miles. 

From Richmond to Danville 140-5 

Branches 12.0 

Roads Controlled by Ownership of Majority of Stock. 

Piedmont Railroad, Danville to Greensboro 48.5 

Northwestern North Carolina R. R , Greensboro to Winston . , 25.0 

Elberton Air Line Railroad, (Narrow Guage), from Toccoa, Ga. to Elberton, Ga. . 50.0 

43 



Roswell Railroad, (Narrow Guage), from Roswell Junction, Ga. to Roswell, Ga. . . io.o 
Lawrenceville Eranch Railroad, (Narrow Guage), from Suwanee, Ga. to Law- 

renceville, Ga io.o 

Hartwell Railroad, (Narrow Guage), from Bowersville, Ga. to Hartwell, Ga io.o 

Milton & Sutherlin Narrow Guage Road, from Sutherlin, Va. to Milton, N. C 8.0 

161. 5 

Also Operated under Lease by R. & D. R. R. Co. 

Roads Leased. — 
Richmond, York River & Ches. R. R., from Richmond, Va. to West Point, Va.. 38.0 

North Carolina Railroad, from Goldsboro, N. C. to Charlotte, N. C 223.0 

Atlanta & Charlotte Air Line Railway, from Charlotte, N. C. to Atlanta, Ga 269.0 

530.0 

Total 843.5 

Capital Stock, (par $100) $5,000,000 

Last Dividend 2 per cent. August 15th, 1882, for 3 months. 

FUNDED DEBT OCTOBER 1st, 1883. 

Consol bonds $1,231,100 00 

General mortgage bonds = 3,698,000 00 

Debenture bonds 3,969,000 00 

Bills payable 1,034,742 74 

[The last named have been reduced by payments about S200.0C0 ;] against which 
indebtedness is to be credited cash investments held by the Richmond and Danville 
Railroad Company in stocks and bonds of the Richmond and West Point Terminal 
Railwa3r and Warehouse Company, the Richmond, York River and Chesapeake 
Railroad Company, the Northwestern North Carolina Railroad Company and 
others, and accumulated balances in the hands of trustees under traffic contracts 
with branch and connecting lines of roads, representing in valuable properties $6,048.01 8 13 

Interest on funded debt, for year ending September 30, 1883 $532,506 00 

Interest on floating debt 87,064 74 

Annual rental on leased lines , 873,130 co 

EARNINGS FOR YEAR ENDING SEPTEMBER 30th, 1S82, ON 744 MILES. 

Gross Earnings $3,805,791 54 

Expenses 2.218,853 72 

Net Earnings $ I -5S6,937 82 

Received from interest on investments, not including $38,356.61 received for interest 

on Northwestern North Carolina Railroad Co.'s bonds held by the Company. 18,319 10 

Total net revenue for the year $1,605,256 92 

Amount total interest on funded and floating debt of R. & D. R. R. Co., including 

interest on Debentures and rentals of leased lines fcr the year $1,492,700 74 

Balance net revenue over all charges $ 112,556 18 

As seen in the statement above, the entire net revenue of the Company for the year, over all 
interest and rentals, was $112,556.18, the interest so debited including one year's interest on the 
debentures, as well as all other obligations of the Company. The annual interest on the 
debentures outstanding amounts to $238,140, to which add the above balance of $112,556.18, and 
we have an aggregate of $350,696.18. As already seen, the amounts expended for the year in 
new property were : for the Richmond and Danville Road, $226,901.86 ; in betterments' of the 

44 



Atlanta and Charlotte Air-Line Road, $246,139.13; and in betterments of the Richmond, York 
Fiver and Chesapeake Road, $4,863.58 — making an aggregate expended for new property 
■during the year of $477,904.57, or $239,764.57 more than the full interest for one year on the 
debentures. These expenditures being regarded as judicious, and, indeed, necessary in the 
best interests of the Company, and authorized under the terms of the debentures, the reason is 
apparent controlling the management in their determination to declare no dividend at present 
applicable to the debenture coupons matured and maturing, relying on increased net revenues 
from economical administration, and more favorable opportunities for the conversion of some 
of the Company's reserved assets to meet any possible accumulation of debenture coupons. 

By the ownership of $7,510,000 of the $15,000,000 stock of Richmond & West Point Terminal 
Railway & Warehouse Co., the R. & D. R. R. Co. controls the several Roads mentioned in 
table below, the Terminal Co. owning the securities set forth in said table, which is an extract 
from the report of said Terminal Co. for year ending November 30th, 1883, viz : 

STOCKS, BONDS AND SUBSCRIPTIONS. 



Stocks and Bonds. 

$1,603,553 Virginia Midland Railway 6 per cent. Accumulative Income Bonds. 

3^577i333 Virginia Midland Railway Common Stock. 

1,720,000 Western North Carolina Railroad First Mortgage Bonds. 

3,090,000 Western North Carolina Railroad Second Mortgage Bonds. 

3,168,300 Western North Carolina Railroad Preferred Stock. 

3,168,300 Western North Carolina Railroad Common Stock. 

1,302,400 Charlotte, Columbia and Augusta Railroad Stock. 

1,000 Columbia and Greenville Railroad Preferred Stock. 

1,000,000 Columbia and Greenville Railroad Common Stock. 

368,000 Spartanburg and Asheville Railroad First Mortgage Bonds. 

120,000 North Eastern Railroad of Georgia Stock. 

315,000 North Eastern Railroad of Georgia General Mortgage Bonds. 

100,000 Knoxville and Augusta Railroad Stock. 

100,000 Knoxville and Augusta Railroad First Mortgage Bonds. 

49,000 Danville, Mocksville South Western Railroad Stock. 

300,000 Richmond and Mecklenburg Railroad Stock. 

103,900 Rabun Gap Short Line Stock. 

85,900 "Terminal" Stock. 

311,800 Blue Ridge Railroad Bonds and County and Township Bonds. 

1,305,825 Georgia Pacific Railway Second Mortgage Income Bonds. 

2,089,320 Georgia Pacific Railway Common Stock. 



$23,879,631 Total Stocks and Bonds. 

Subscriptions to Construction Companies. 



$24,400 American Construction Company, full-paid. 

. - j Richmond and Danville Extension Compar 

40 \ dividends off. 

2 607 i=;o -J R ic h mon d and Danville Extension Company 85 per cent, paid, first and 

1/13 \ second dividends off. 



, Richmond and Danville Extension Company full-paid, first and second 
40 \ dividends off. 



$2,636,050 Total Subscriptions. 



45 



NORFOLK & WESTERN RAILROAD. 

Road owned, Norfolk, Va., to Bristol, 408 miles; branches, 20 miles; New River Divi- 
sion, 75 miles : total, 503 miles. In progress, Cripple Creek Extension, 40 miles. 

REORGANIZATION OF ATLANTIC, MISSISSIPPI & OHIO. 

(pref., (issued) ~) 15,000,000 

Stock < pref., (in Treas.) > 3,000,000 

(common, J 7,000,000 

FUNDED DEBT. 

Norfolk & Petersburg, 2d (now 1st) mort., 8 per cent., 1893 496,000 

South Side 1st pref. mort , 8 per cent., 1884-90 703,000 

South Side 2d pref. mort., 6 per cent., 1884-90 581300 

South Side 3d pref. mort , 6 per cent., 1896-1900 452,800 

Virginia & Tennessee, enlarged mort., 6 per cent., 1884 990,000 

Virginia & Tennessee, 4th mort., 8 per cent,, 1900 1,000,000 

Virginia & Tennessee, guaranteed, 6 per cent stock 55>5°° 

Norfolk & Western general mortgage, 6 per cent., 1931 6,500,000 

New River Division 1st mort., 6 per cent 2,000,000 

Total $12,778,600 

Annual interest charge 810,696 

3% per cent, semi-annual, on preferred stock, January 15, 1884, in scrip. 

EARNINGS FOR TWELVE MONTHS, 
January ist to December 31ST. 





1883. 

$2,812,776.59 

i,5°9>573-56 


1882. 

$2,429,740.12 

1,322,576.63 


Increase in 1883. 
Inc., $383,036 47=16 per cent. 
" 186,996 93=14 " 








$1,303,203.03 


$1,107,163.49 


Inc., $196,039 54=18 per cent. 




Proportion of expenses to gross 


54 per cent. 


54 per cent. 









NORTH CAROLINA RAILROAD. 



Goldsboro, N. C. to Charlotte, N. C, 223 miles. 

Capital Stock J P ref " ^o 00 ' 000 I $4,000,000 

* ( com., 3,000,000 J v ^' ' 

Last dividend 3 per cent. September, 1883. 

FUNDED DEBT. 

8 per cent, bonds, due November, 1878 2,500.00 

8 per cent, bonds, due November, 1888 , 210,000.00 



North Carolina Railroad — Continued. 

EARNINGS, (YEAR ENDING MAY 31, 1883. 

Receipts 285,349.76 

Disbursements 279,300.47 

Net 6,049.29 

The property was leased September 11, 1871, to the Richmond & Danville Railroad for 30 
years, at a rental of $260,000 per year. Dividends of 6 per cent, are paid on the stock, of which 
the State of North Carolina holds $3,000,000, and the dividends thus received by the State are 
applied to her bonds issued to the North Carolina Railroad. 



RICHMOND & WEST POINT TERMINAL RAILWAY AND 
WAREHOUSE COMPANY. 

This company, organized 1880, owns controlling interests in Virginia Midland Railway, 406 
Western North Carolina Railroad, 206 ; Georgia Pacific Railway, 302 ; Charlotte, Columbia 
& Augusta R. R., 191 ; Chester & Lenoir Narrow Guage R. R., 73 ; Chester & Cheraw Nar- 
row Guage R. R.. 29; Atlantic, Tennessee & Ohio R. R., 47; Columbia & Greenville R. R., 
197 ; Laurens Railway, 31 ; Spartanburg, Union & Columbia R. R., 68 ; Asheville & Spartan- 
burg R. R., 50; Northeastern Railroad of Georgia, 61; Knoxville & Augusta R. R., 16; 
Richmond & Mecklenburg Railroad, 17; total, 1,693 miles. 

There are now under contract and rapidly approaching completion the following extensions : 
Georgia Pacific Railway, n; Western North Carolina Railroad, 68; Richmond & Mecklen- 
burg Railroad, 14; Chester & Lenoir Narrow Guage Railroad, 17; total, no miles. 
Stock, (par 100) $15,000,000 

No funded debt. The Richmond & Danville Company owns $7,510,000 of the stock. 
STATEMENT OF ASSETS AND LIABILITIES. 

LIABILITIES. 

Capital stock $7,500,000.00 

Terminal Trust Notes 2,000,000.00 

Bills payable 420,000.00 

Individuals and companies 126,635.80 

$10,046,635.80 

ASSETS. 

Cash $4,526.41 

Bills receivable $332,181 .66 

Less rediscounted 100,000.00 

232,181.66 

Georgia Pacific Railway Bonds cost 60,870.00 

Virginia Midland Railway Income Bonds cost 48,000.00 

Stock subscriptions 8,600.00 

Terminal Trust Notes 125,000 00 

Individuals and companies 31,138.44 

Cash advances to companies controlled -. 555,781.80 

$1,066,098.31 
47 



Amount brought forward .$1,066,098.31 

Expen ses $33,069.09 

Discount on Trust Notes 187,500.00 

Wharf property, &c 116,918.20 

Other property 83,701 .05 

Stocks and bonds 6,314,371.65 

Subscriptions 2,244,977.50 8,980,537.49 

$10,046,635.80 

INCOME ACCOUNT. 

Amount received from interest , $63,983.79 

" " " dividends, coupons, &c 66,870.70 

" " " storage 3,094.21 

$i33,948,7o 

Paid general expenses $18,902.63 

" legal expenses 14,840.00 

" discount 47,369.99 

■* interest on trust notes 37,*34-97 

118,247.59 

Net income $15,701.11 



CHARLOTTE, COLUMBIA & AUGUSTA RAILROAD. 

Road owned, Charlotte, N. C, to Augusta, Ga., 195 miles. Locomotives, 20; passenger 
cars, 22 : freight cars, 240. 
Stock $2,578,000 

FUNDED DEBT. 

Columbia & Augusta, old bonds, 7 per cent., 1890 $189,500 

1st mort., 7 per cent., 1895 2,000,000 

2d mort., 7 cent. 1910 500 000 



Total $2,689,500 

Annual interest charge 188,265 

There are also $6,000 old Charlotte & South Carolina debentures, due in 1880, but never pre- 
sented for payment. 

EARNINGS. 

(Year ending September 30.) 

Gross. 

1877-78 $441,357 

1878-79 458,168 

1879-80 539>59i 

1880-81, 626,920 

1881-82 601,624 

48 



Net. 


Charges. 


Surpl 


us or Deficit. 


§152,228 


$196,661 




Def. $44,433 


228,429 


207,902 




Sur. 20,527 


202,666 


210,649 




Def. 7,983 


239,982 


i9 I »5i3 




Sur. 39,469 


181,993 


197,400 




Def. 25,821 



STATEMENT OF EARNINGS AND EXPENSES 

For Year ending 30th September, 1883. 



Charlotte, Columbia & Augusta R. R. 

Gross Earnings $702,841.07 

Operating Expenses 423,767 



Net Earnings 

Deduct Interest Funded Debt 175,210 00 

Deduct Interest Floating Debt 19.365.55 

Deduct Interest paid City of Augusta 7,000 00 



Balance, excess of earnings over expenses. 



Atlantic, Tennessee & Ohio R. R. 

Gross Earnings 

Operating Expenses 



51,833.08 
26,530.10 



Net Earnings 

Deduct amount paid for rental. 



Balance, excess of earnings over expenses. 
Total excess 



Chester & Lenoir N. G. R. R. 

Gross Earnings 

Operating Expenses 



45,SqS.25 
38,004.86 



Net Earnings 7,893.39 

Deduct — 

Floating Debt paid $17,721.26 

Coupons paid 16,268.00 

Dividends paid 5,046.75 39,036.01 



Balance, loss in operating. 



Cheraw & Chester N. G. R. R. 

Gross Earnings 

Operating Expenses 



38,693.20 
3o,397 ' 



Net Earnings 8.295.52 

Deduct — 

Floating debt paid 14,741.24 

Coupons paid 6,965.00 21,706.24 



Balance, loss in operating. 



Cost of C. & L. Extension. 
Construction 



Balance. 



$279,073.21 



25,302.98 
25,000.00 



31,142.62 



13,410.72 



27,296.36 
2,385,31 



$77,497-< 



302.98 



77,800.64 



44.553-34 



33,247.30 
29,681.67 



$3,56"5-°3 



A controlling interest in the road is now owned by the Richmond & West Point Terminal 
Company. 

On September 24, 1882, leased the Chester & Lenoir narrow gauge road, paying 1% percent, 
on its stock and assuming its bonded debt of $250,000. On October 1, 1882, also leased the 
Cheraw & Chester (N. G.) Railroad. 



49 



CHESAPEAKE & OHIO RAILWAY. 

Road owned, Newport News, Va., to Huntington, W. Va., 503 miles ; branches 15 miles ; to- \ 
tal, 518 miles. Locomotives, 153; passenger cars, 58; freight cars, 4,471. 

The Elizabeth, Lexington & Big Sandy and the Chesapeake, Ohio & Southwestern roads are 
controlled in the interest of this company. 

(istpref., $8,597,803) 

Stock J 2 d pref., 9,164,690 V $33,668,631 

( com., 15,906,138 ) 

FUNDED DEBT. 

Purchase-money funding bonds, 6 per cent., due 1898 $2,279,000 

Peninsula extension bonds, 6 per cent., due 1911 2,000,000 

1st mort,, "A" bonds, 6 per cent., due 1908 2,000,000 

1st mort., " B" bonds, 6 per cent., due 1908 15,000.000 

2d mort., 6 per cent., due 1918 10,122,500 

6 per cent, bonds, due 1922 42,000 

Total $31,443,500 

Annual interest charge, 1883 979,260 

Interest on 1918 Bonds is paid in Second Preferred Stock, but, if earnings are sufficient, it 
may, at the option of the company, be paid as follows : — during 1885, 2 per cent, in cash and 4 
per cent, in stock ; in 1886, 4 per cent, in cash and 2 in stock — after that, entirely in cash. 

Gross Earnings (Nov. and Dec, estimated) $3,844,187 

Net " over operating expenses " 1,279,666 



RICHMOND & ALLEGHANY RAILROAD. 

Road owned, Richmond, Va., to Williamson, 231 miles ; branches, 30 miles ; total, 261 miles. 
Stock $5,000,000 

FUNDED DEBT. 

1st mort., 7 per cent., 1920 4,925,000 

2d mort., 6 per cent., 1916 2,964,000 

Improvement mort., 5 per cent 105,000 

Total $7,994,000 

The authorized amount of second mortgage bonds is $4,000,000 ; improvement bonds, 
$300,000. 

This company bought the James River & Kanawha Canal and built a railroad upon its bed, 
replacing the canal. The canal property included some valuable water-powers. The road 
was completed September, 1881. 

EARNINGS 
(Year ending September 30.) Gross. Net. 

1880-81 (average 123 m.) $156,728 $87,588 

1881-82 548,658 i53> l6 3 

1882-83 635,327 228,427 

May, 1883, default was made in interest, and June, 1883, a receiver was appointed. 

5o 



CAROLINA CENTRAL RAILROAD. 

Road owned, Wilmington, N. C, to Shelby, 242 miles. Locomotives, 42 ; passenger cars, 
15 ; freight cars, 310. 

Present company organized in 1880, having purchased the road at foreclosure sale. 

Stock $1,500,000 

FUNDED DEBT. 

1st mort., 6 per cent., due 1920 $1,800,000 

2d mort., income non-cumulative, 6 per cent., due 1915 1,200,000 

3d mort., income non-cumulaiive, 6 per cent., due 1910 1,500,000 

Total , $4,500,000 

(Incomes paid no interest until this time.) 

Annual interest charge, excluding income bonds 108,000 

The stock is held in trust by Purchasing Committee until 1884. The Company with the 
Wilmington, Columbia & Augusta Railroad Company guarantees interest and principal of 
Wilmington Bridge bonds, 7 per cent. 

A controlling interest in the road has been recently bought for account of the Seaboard & 
Roanoke and Raleigh & Gaston Companies. 



COLUMBIA & GREENVILLE RAILROAD. 

Reorganization in 1880 of Greenville & Columbia road owned, Columbia, S. C, to Green- 
ville, 143 miles; branches, 53; total, 196 miles. Operated under contract, Blue Ridge R. R., 
32 miles, and Spartanburg, Union & Columbia, 68 miles. Locomotives, 23; passenger cars, 28 ; 
freight cars, 222. 

Controlled by Richmond & West Point Terminal Railway and Warehouse Company. 

Stock jpref, $1,000,000} $ ^ 

I com., 1,000,000 j #^ lW > 

FUNDED DEBT. 

1st mort., 6 per cent., 1916 $2,000,000 

2d mort., 6 per cent., 1926 1,000,000 

Total $3,000,000 

Annual interest charge 180,000 

A dividend of 6 per cent, on pref. stock was paid in December, 1882. 

EARNINGS. 

(Year ending September 30.) 

Gross. Net. Interest. Surplus. 

880-81 . (average 238 miles) $645,920 $263,194 180,000 $83,194 

1881-82 (average 296 miles) 743, 6 5i 171*483 180.000 

Si ' 



STATEMENT OF EARNINGS AND EXPENDITURES 

For Year ending 30th September, 1883. 



Columbia & Greenville R. R. Co. 

Gross Earnings 

Operating Expenses 



Net Earnings 

Deduct Interest Funded Debt 180,000.00 

Deduct Interest Floating Debt 22,650 98 

Balance, excess of earnings over expenses 



Laurens Railway. 

Gross Earnings 

Operating Expenses. 



Balance, excess of earnings over expenses. 
Total excess 



Spartanburg, Union & Columbia R. R. 

Gross Earnings 

Operating Expenses .... 



Net Earnings . . . 
Deduct Rental . 

Balance, deficit. 



Construction. 
Balance.. . . 



688,810.94 
417,369.22 

271,441.72 

202,650.98 



41,028.1 
34.262.04 



106,535.93 
85,636.04 



20,899.89 
50,000.00 



6,766.94 



75.557-t 



20,100.11 



46,457-57 
46,i53-3o 



$304-27 



The road leases the Blue Ridge, the Laurens, and the Spartanburg, Union & Columbia roads. 



WILMINGTON & WELDON RAILROAD. 



Miles of road, 180. 

Capital Stock, (par 100) September 30, 1882 $2,082,400.00 

Last dividend, January 15th, 1884, 4 per cent. 

ponded Debt, (462,000 in hands of Co.) 1,619,400 00 

Floating Debt 49,545.66 

EARNINGS YEAK ENDING SEPTEMBER 30. 

Gross $797,428.71 

Total Expenses 601,549.06 

Net $195,879.65 

The road extends from Wilmington to Weldon, 163 miles ; branch to Tarboro, 17 miles. 
Large expenditures have been made during the year in betterments, bridges, warehouses, new 

cars and engines. 

DESCRIPTION OF BONDED DEBT. 

Sterling bends, 7 per cent., due in London, 1886 $221,400 

Gold bonds, 7 per cent., due in New York, 1896 1,398,000 

52 



WILMINGTON, COLUMBIA & AUGUSTA RAILROAD. 

Wilmington, North Carolina, to Columbia, South Carolina. Length of road, 189 miles. 

Capi tal Stock $960,000 

Funded Debt 1,600,000 

Interest, 6 per cent., payable June and December. 

Bonds due 1910. Last dividend, 3 per cent., paid January 10, 1884. 

Receipts. Expenses. Deficit. 

1882 ' $692,628.52 $702;6ir.s6 $9,983.04 

Net. 
83 7i8,599.45 5i3,3°7-58 205,291.87 

Annual interest charge * 96,000 



PETERSBURG RAILROAD. 

Road owned, Petersburg, Va., to Weldon, N. C., 63 miles ; sidings, 4 miles. Locomotives, 
>; passenger cars, 2 ; express, baggage and mail cars, 3; freight cars, box, 7; fiat and ca- 
boose, 59. 

Stock, (par $100) jP ref " 323,5oo| 1,324,200 

' v± ^ w ' [com., 1,000,700 j ,0 n ' 

FUNDED DEBT. 

1st mort., 8 per cent., 1879-1898 $400,000.00 

2d mort., 8 per cent., 1902 , 3,000.00 

Class "A ," 5 per cent., 1926 560,000.00 

Class lk B," 6 per cent., 1926 , 900,000.00 

$1,863,000.00 
Interest on bonds per annum 112,240.00 

EARNINGS. 
(Year ending September 30th.) 

Receipts. Expenses. Net. 

38o-i88i 

J81-1882 298,543.63 159,703.22 138,840.41 

382-1883 335,173-63 180,963.94 154,214.69 

During the past year the company has redeemed all outstanding Coupons old first mortgage, 
amounting with interest to $69,973.84, and retired and cancelled $100,000 class U B" bonds. It 
expects to continue to reduce the funded debt by redeeming the old first mortgage 8 per cent, 
bonds as they become due, without the further issue of class ''A' 1 bonds. 

62 per cent, of the track is steel. 

53 



MEMPHIS & CHARLESTON RAILROAD. 

^Memphis Tennessee, to Stevenson Alabama, 272 miles ; branches, 20 miles ; leased, use 
Nashville, Chattanooga & St. Louis track, Stevenson to Chattanooga, 38 miles; total, 
miles* Locomotives. 39 ; passenger cars, 37 ; freight cars, 809. 

Leased to East Tennessee, Virginia & Georgia Company for 20 years from July 1. 1877. 
majority of the stock was bought in September, 1883, by parties interested in the lessee cc 
pany, thus terminating efforts made to break the lease. 

Stock ^ 

1 $5,3i2,: 

FUNDED DEBT. 

1st mort. extended, 7 per cent., due 1915 1 264 c 

2d mort., 7 per cent., due 1885 i'oooc 

Consol. mort., 7 per cent., due 1915 x ' g' c 

Total ~ 

* ,. . $4,222,C 

Annual interest charge 2gg _ 

In October, 1882, stockholders were given privilege of taking new stock equal in amount' 
their present holdings at 12, old stock being made preferred stock. This stock, however, w 
not issued. - 

An issue of $1,000,000 new mortgage bonds has been authorized to pay floating debt and ii 
provements ; also $500,000 car trust bonds. 



EARNINGS. 
(Year ending June 30.) 



-79. 



Gross. Net. 

$862,513 $231.0; 

1 '.°33, 2 7 1 218,3c 

1,294,416 (def.) 33 ,oE 

1,323,614 235,92 

1,236,023 390,52 



1881-82 

1882-83 

Earnings in 1883, to and including second week in December, $1,249,899; 1882. $1,059,525 
increase, $190,374. 

The lessee has expended a large amount for renewals and improvements of road, chargin 
the same to operating expenses. The lessee has advanced money to pay interest as lequirec 
In 1882-83 charges were $338,835, leaving $51,690 surplus. 



CENTRAL OHIO RAILROAD. 

Miles of road, 137. 

Capital Stock jpref., 411,550 { . R 

1 com., 2,437,950 j «> 2 > a 49j50c 

BONDED DEBT. 

1st mortgage, due 1890 s 

b & ' y $2, 500,00c 

EARNINGS FOR LAST FISCAL YEAR. 

Gross ^ a o s 

„ $1,103,838.65 

Expenses , 

716,050.21 

Net earnings ~I" Zl 

* $387,788.44 

Road leased to the Baltimore & Ohio until December 1, 1926, with option for terms of 20 
years perpetually. 

54 



PHILADELPHIA, WILMINGTON & BALTIMORE RAILROAD. 

Road owned, Philadelphia to Baltimore, 94.99 miles; branches, 29.10 miles; leased and ope- 
ated, 259.36 miles ; total, 383.45 miles. Locomotives, about 100; passenger cars, about 200; 
reight cars, about 1200. (3.78 miles of branch road leased, and 5.72 miles cf road sub-leased to 
■ther companies). 

°^ k £",795,050 



FUNDED DEBT. 

Mortgage Loan (Conv.) 6 per cent., 1884 $"1,500 

Plain bonds, 6 per cent., 1887 1,000' 000 

Plain bonds, 6 per cent. , 1892 * '700,000 

Plain bonds, 6 per cent., 1900 800000 

Plain bonds, 5 per cent., 1910 . ]" 1}000 ] 000 



• $3,53i,5oo 
200,945 

),ooo, and in 



Total 

Vnnual interest charge 

The bonds are simple obligations of the company, not secured by mortgage. 
Last dividend, 4 per cent., semi-annual, January 1, 1884. 

Dividends, 8 per cent, each year. In 1878 79 there was $150,000; in 1879-80, $1 
880-81 $100,000 paid over to renewal fund. 
In April, 1881, a controlling interest in the stock was bought by the Pennsylvania R. R. Co. 
The last report of the Company says : 

Last spring the railroad, the franchise and all other property of the Dorchester & Delaware 

lilroad Company was sold at auction, under foreclosure of their first and only mortgage. 

This Company were owners of a large portion of their bonds, and became purchasers of the 
hole property. The Company was reorganized under the title of the Cambridge & Seaford 
Lailroad Company, the entire capital stock of which belongs to this Company. 

The Cambridge & Seaford Railroad is 27 28-100 miles in length, and connects the town of 
:ambndge, on the waters of the Chesapeake Bay, with the Dorchester & Delaware Branch of 
le Delaware Railroad Company, whose lessees we are. 

The stock of the Cambridge & Seaford Railroad Company stands in our books at $72 
r $2,675 per mile of road. 



97.02 



hiladelphia, Wilmington & Baltimore Eailroad- 
Main Line— (including Branches) 

entral Division 

•elaware Railroad 

ueen Anne & Kent Railroad 

'elaware & Chesapeake R. W 

ambridge & Seaford Railroad 



Earnings. 



4,324,832.02 

693,402.50 

614,606. 

28,639.03 

70,837.37 

9.354-43 



$5,741,672.04 



Expenses. 



52,870,863.60 
592.455.69 
442,089.71 
47,808 08 
9 2 <556.65 
20,001.32 



1,065,775.05 



Net. 



$1,453,968.42 

100.946.81 

172,516.98 

Loss, 19,169.05 

Loss, 21,719.28 

Loss, 10,646.89 



1,675,896.99 



Net earnings from operating . . n „ 

S $1,675 ^96.( 

To which add : — 

Earnings of Steamer "Canton'' g g 

Profit from Delaware Railroad lease 

Interest on investments 54,015.54 

' 49,935-31 

109.348.0 

$1,785,245.0 

Balance, net income of Philadelphia, Wilmington & Baltimore Rail- 
road and branches for the year ending October 31st, 1883, applica- 
ble to payment of fixed charges, &c, of the Company $1 785,245.0: 

From which deduct : — 

Interest on bonds and loans „ 

T Jp2II, 777.7Q 

Interest on mortgages and ground rents 1- 043 78 

Rentals leased roads ' i'l 

„ , 28^,328.82 

laxes on stock, State of Pennsylvania 8,2-468 

Taxes, State of Delaware 

40,000.00 

558,385.07 

Leaving a net income applicable to dividends * ooA Q „ 

$> 1, 220, 059. 95 

From which deduct two (2) dividends, Nos. 71 and 72, of four (4) per cent, each on 

capital stock of Company, amounting to .. 6 

Surplus over dividends A _ 

$283,255.95 

From which deduct: — 

Advances to operated lines, viz :— 

Delaware & Chesapeake Railway $13,960.00 

Queen Anne & Kent Railroad Co 20,275.00 

rA 1 $34,235.00 

Outlay not properly chargeable to current expenses 102,854,30 

137,089.30 

Surplus transferred to the credit of "Profit and Loss" account for the fiscal year.. $146,16665 

Balance to credit of Profit and Loss, November 1st, 1882 $1,465,585.49 

Add balance of sundry accounts transferred ' a* 4 Sz.2K 

$1,509,066.74 
From which deduct ;— 

Reduction in value of Philadelphia & Baltimore Cen- 
tral Railroad Co.'s stock, $2.50 per share, leaving it 

at * 25 $124,772.50 

Depreciation of accounts : — 

Wilmington Steamboat Line 10,000.00 

Wood lands in Virginia 13*758.24. 

148,530.74 

t> J 536o,536.oo 

Balance to credit of Profit and Loss Account, November 

1st, 1883 j, , 

' ° $1,506,702.65 

56 



OHIO & MISSISSIPPI RAILROAD. 

Road owned, Cincinnati to East St. Louis, 340 miles; North Vernon to Louisville, 53 miles ; 
Springfield Div., Beardstown, 111., to Shawneetown. 222 miles; total, 615 mile?. Locomotive.-. 
112 ; passenger cars, 70; freight cars, 2.406. 

Stock jpref., $4,030,000) $ OQ 

I com., 20,000,000 ) r t» j : 

FUNDED DEBT. 

Old 1st mort., Western Div., 7 per cent., past due, extended at 6% $97,000 

Income and funded debt bonds, 7 per cent., 1882, extended at 6% 174,000 

1st consolidated mort., 7 per cent., due 1898 6,502,000 

Sterling consolidated mort., 6 per cent., due 1898 112,000 

2d consolidated mort., 7 per cent., due 1911 3,829,000 

Debenture sinking fund bonds, 7 per cent., due 1883 140,000 

Springfield Div., 1st mort., 7 per cent., due 1905 2,039,000 

Total $12,863,000 

Annual interest charge 896.580 

The road has been in possession of a receiver since November 16, 1876. There are twelve 
coupons unpaid on debenture bonds, four on Springfield Division bonds and four on second 
mortgage bonds. A coupon on Springfield Division bonds was recently paid by the Receiver. 

The last dividend on preferred stock paid was 3^ per cent., March 1st, 1875. 

A plan of reorganization has been proposed, which provides for the issue of $16,000,000 gen- 
eral mortgage 5 per cent, bonds, to be exchanged for all existing bonds, surplus to be used to 
provide for all floating debt and arrears of interest. Final action has not yet been taken on 
this plan, but it is understood to be generally favored by parties in interest. 

EARNINGS. 

Gross. Net. 

1878 $3,136,836 $864,548 

l8 79 3,502,239 1,051.419 

1880 4,376,310 1,256,709 

1881 4,074,408 959,053 

1882 , 4,225,500 1,061,663 

Payments from net earnings not reported. 



57 



MINING STOCKS. 

ATLANTIC & GEORGES CREEK CONSOLIDATED COAL CO. 

SIMON ROSENBURG, Pkesjdent. GEO. W. SANDERS, Secretary 

Mines at Pekin, Alleghany County, Maryland, and Jenny Springs. Mineral Ccnnty, W. Va. 
Capital Stock 

$1 ,000,000 

Being ioo,coo shares at $10 per share. 

Amount of dividends paid since January nth, 1869 VI QOQ 

Last dividend paid August 1st, 1881, of 10 cts. per share. 



MONONGAHELA GAS COAL CO. 

ISAAC S. GEORGE, President. E. D. HOFFMAN, Secretary. 

Office, Traders' National Bank, Baltimore, Md. 

Capital Stock, (par $10) 

Bonded Debt, January 1, 1883. ($15,000 in Treasury) ......" . . .... .'.' .' ] [ ' ' .' ' ' \\ .' ['[ '.^^o 000 

Annual interest charge -°> ooc 

3,000 



more 
acres 



The property of the Company is situated at WiLonburg, on Parkersburg Branch. Balti 
& Ohio Railroad, in Harrison Co., W. Va., and consists of about 1,000 acres of coal, too a.. 
of timber and x 7 % acres of meadow lands. The mines are fully developed. The Company has 
erected 30 ovens for coking, and propose adding a much larger number in the Spring, should 
the demand for coke justify it. 



CONSOLIDATION COAL CO. 

[Following furnished by the Officials of the Co.] 

Property of the company situated in Alleghany County, Md., and consists of 15,246 acres of 
land, all of which contain the six foot vein, and all the underlying veins of coal. 6 600 acres of 
these are underlaid by the well known Big Vein Georges Creek Cumberland semi bituminous 
or steam coal. The company owns valuable shipping wharves in Cumberland, Md., and at 
Locust Point, Baltimore. It also owns and operates— 

The Cumberland & Pennsylvania Railroad, 33% miles in length. 

The Eckhardt Branch Railroad 14 <• <<■ 

The State Line Branch , 2 % " " « 

Capital Stock (Par $100) ,. 

v J • $10,250,000 

58 



FUNDED DEBT. 

Consolidation Coil Co., Consolidated convertible, 6 per cent., 1897 , 752,000 

Consolidation Coal Co,, 1st mort., 1S85 387,000 

Consolidation Coal Co. of Union Mining Co., 6 per cent., 1890 135.000 

Cumberland & Pennsylvania Railroad, 1st mort., 6 per cent., 1891 803,500 

" u 2d mort., 6 per cent., 1888 445,000 

12,522,500 

Reduced during 1S83 by the purchase for the sinking fund of the Second Mortgage 
bonds of the Cumberland & Pennsylvania R. R, Co. and the 7 per cent, Mort- 
gage bonds of the Consolidation Coal Co 21,000 

£2,501,500 
Against this the Company holds in loans, due the sinking fund for 1880 and 1881, for 
which amount it has not been able to purchase bonds of the Company at par as 
prescribed 84,500 

$2 417,000 

The Company also holds as a cash asset, $100,000 of First mortgage bonds of the Cumber- 
land and Pennsylvania Railroad, acquired in 1875 by the payment of £98,600 in cash from 
earnings, as mentioned in previous Annual R.eports. 

EARNINGS FOR YEAR ENDING DECEMBER 31, 1883. 

The gross receipts from mines, railroads, rents, etc. (including 'value of stock of 

coal on hand) were $i>750o9 1 -94 

Total expenses of every kind (exclusive of interest and sinking fund), but including 

130 tons of heavy steel rails, and all extraordinary outlays 1,514.858.25 

Net receipts 2 35i733-69 

Interest paid on Funded Debt for 1883 $154,416.26 

Sinking fund for year 1S83 21,000.00 

$175,416.26 

Leaving balance to the credit of Profit and Loss, on December 31st, 1883, from the 
business of the year 1883, after the payment of interest on bonded debt, sink- 
ing fund and all expenses $60,317.43 

There were mined and delivered from the Company's mines— Tons. 

In the year 1882 421,471 

" " 1883 456,238 

Increase 34,767 

Total transportation of Coal on all the Company's Railroads— Tons. 

In the year 1882 1,034,195 

" " 1883., 1,623,915 

Increase 589,720 

The last annual report of the Company says : 

"The general depression in manufacturing interests the past year, and the severe competi- 
tion between the several steam coal producing regions, have rendered the year 1883 a very un- 
profitable one to the Companies supplying steam coal for the Atlantic Seaboard trade." 

59 



OTHER COAL COMPANIES. 



Name of Company. Cap. Stock. 

Am. Coal Co $1,500,000 

Cameron Coal 2,500,000 

Cumb. C. & 1 500,000 

Maryland Coal 4,400,000 

Montauk Gas Coal 2,500,000 

New Central Coal 5,000,000 

N. Y. & Straitsville C. & I.. 1,500,000 
Spring M't. Coal 1,500,000 









LastD 


ividend 


Rate per 


Shares 




previous to 


Nov. 1 


, 1881. 


Annum. 


No. 


Par Value 


Month. Y 


ear. 


Rate. 


Per ct. 


60,000 




$25 


Sept. 


c8 77 


4 




50,000 




50 










5,000 




100 


Oct. ] 


875 


6 




44,000 




100 


Feb. ] 


876 


*K 


i% 


25,000 




100 










50,000 




ICO 


Apr. 


c88o 


2 




15,000 




100 


Apr. 


t88o 


1 




30,000 




5o 


Dec. ] 


882 


3% 


7 



The following table shows the highest and lowest prices of anthracite coal at New York fo r 
thirteen years from 1870 to 1883 : 

Low. 

$4.50 1877 

5.00 1878 , 

3-75 1879 

5.00 1880 

4.55 1881 

4.40 1882 

3.75 1883 



High. 

1870 $8.50 

1871 13.00 

1872 6.25 

1873 6.50 

*874 5-55 

l8 75 5-55 

1876 5.55 



High. 


Low. 


$3-75 


$3.25 


• 4.50 


2.75 


• 3.25 


2.15 


• 3-59 
. 4.04 


3.15 


3-77 


. 5.85 


3-i5 



BALTIMORE & NORTH CAROLINA COPPER AND GOLD 

MINING CO. 

JOS. B. STAFFORD, President. CHAS. E. ROBERTS, Aciing Sect'y. 

Capital Stock, (Par $5) $1,000,000 

Property and Mines situated in Mecklenburg County, North Carolina. 



CONRAD HILL GOLD & COPPER MINING CO. 



JAMES BOYCE, President. W. N. WORLEY, Secretary. 
Capital Stock, (Par $5) $1,500,000 

On application at the office of the Company, the following statements of its property and 
workings has been furnished us : 

The Mines and Smelting Works of the Conrad Hill Company are situated in Davidson Co., j 
North Carolina, four miles from the railroad and six miles from Lexington, and embrace the 

60 



Conrad Hill Minos and the Dodge Hill Mines adjoining, recently purchased by the Company. 
The Company is incorporated under a liberal special charter from the Legislature of North 
Carolina. 

Upon the Conrad Hill seven main metalliferous veins have been developed by very extensive 
underground explorations, and large and profitable lodes of Gold and Copper ores have been 
discovered. The principal work consists of three main shafts, each over three hundred feet in 
depth, all showing valuable minerals, and over twelve hundred feet of levels or tunnels opened 
upon the different lodes in length. The amount of ores exposed is very large. 

Two of the main shafts are equipped with the most approved hoisting machinery, and have 
a hoisting capacity of over 200 tons each per day of 24 hours. The pumping machinery for 
draining the mines is of the most excellent character. The surface improvements are exten- 
sive and consist of a 20 stamp Gold Mill with all the other appliances. Four chloridizing 
furnaces of a capacity of 12 tons per day, to separate and extract the copper from the ores rich 
in gold. One blast furnace of a capacity of 12 tons per day, to smelt the ores rich in copper 
and poor in gold ; and one refining furnace of a capacity of 10,000 lbs. per day, for producing 
refined copper. These works constitute a most perfect metallurgical plant for the economical 
and profitable working of the various ores of these mines in large quantities. The remainder 
of the surface improvements consists of Superintendent's house, store, and machine houses, 
and 30 boarding houses and dwellings for the employees. 

The value of the ores at various points in the mine varies ; but at no point has any consider- 
able body of ore been found that did not contain a profitable amount of either gold or copper, 
and at some points the ore would assay over $100 per ton as mined. 

The Mines have been the largest producers of Gold in the South during 1883, and are now 
shipping both Gold and Copper regularly, and in profitable quantities. 

The Dodge Hill mines are supposed by experts to be equally as valuable as the Conrad Hill 
mines, and a portion of the present profits will be set aside for the immediate development of 
this property. 

It has been the opinion of all experts and skilled miners who have visited Conrad Hill, that 
it is a mine of exceptionally great value; and the results of the present work prove the cor- 
rectness of these statements; the ore being free from all Sulphuretts of Iron, renders the amal- 
gamation and saving of the gold a simple and inexpensive process. 



ORE KNOB COPPER CO. 

JNO. T. WILLIAMS, President. SEABURY T. SMITH, Secretary. 

Capital Stock, (par $10) $1,500,000 

Property of the Company situated in Ashe County, North Carolina. 
The Company is now in the hands of a receiver. 



SILVER VALLEY MINING CO. 

JOS. WILKINS, President. E. HENRIX, Secretary. 

Capital Stock, (Par $5) $1,000,000 

Property and mines of the Company are situated in Davidson County, North Carolina. 



BALTIMORE NORTH STATE COPPER AND GOLD MINING CO. 

JOS. WILKINS, President. JNO. M. McELROY, Secretary. 

Capital Stock, (Par $5) $1,000,000 

Property and mine of the Company are situated in Guilford County, North Carolina. 

GEORGES CREEK COAL & IRON CO. 

Capital Stock, (Par $100) $1,100,000 

Last Dividend, 3 per cent., January, 1884. 

MISCELLANEOUS. 
CONSOLIDATED GAS CO. 

Capital Stock $6,000,000 

Last Dividend, 3 per cent., June, 1881. 

Bonded Debt, (iyio, Gold, 6 per cent., J. & J.) $3,600,000 

This Company is a consolidation of the three following companies, viz : Baltimore Gas Light, 
Peoples' Gas Light and Consumers' Mutual Gas Light, and commenced operation July, 1880. 
The stock of the three companies was converted into stock of the new company upon the basis 
of one share of the Baltimore for one of the new, four of the Peoples' for one of the new, and 
12% of the Consumers 1 for one of the new. The bonds of the old companies were provided for; 
an equal amount of the new company's bonds being retained for their conversion. The new 
company issued $1,800,000 bonds additional to be apportioned, $1,600,000 to the stockholders of 
the Baltimore Gas Light Co. and $200,000 to the stockholders of the Peoples. This apportion- 
ment was made to reimburse the stockholders for valuable and permanent investments already 
made. 

AMERICAN DISTRICT TELEGRAPH CO. 

HARRY FISHER, President, 
HERMAN F. MEYER, Secretary and Treasurer. 

Capital Stock, (Par $5) $500,000 

No Bonded or Floating Debt. 

Earnings, (year ending September 30, 1882) $47,003.13 

Last Dividend, 1 per cent., free of taxes, July 1, 1883. 
This Company was incorporated July 24, 1874. On October 1, 1881, the Union District Co. 
was absorbed by consolidation and the Domestic Telegraph Co. was purchased. 

The Company has a contract with the Western Union Telegraph Company for 10 years from 
October 1, 1882, for the delivery of all its messages received for Baltimore and vicinity, at an 
agreed upon rate. 



THE BALTIMORE TELEPHONE AND TELEGRAPH CO. 

HARRY FISHER, President. HUGH B. JONES, Secretary. 

Capital Stock, (Par $100) $100,000 

Incorporated October, 1882. 



BROADWAY AND LOCUST POINT STEAM FERRY CO. 

Capital Stock, (Par $100) $60,000 

No Bonded Debt. 
The Company owns 3 Ferry-boats, Buildings and Slips at landings. 



CHESAPEAKE AND OHIO CANAL CO. 

BONDED DEBT, JUNE 5, 1883. 

Preferred Bonds $1,669,500 

Repair Bonds 500,000 

The interest on the Preferred Bonds has been in default since July, 1864. Of the $500,000 
Repair bonds $124,000 have been issued, the interest upon which has been promptly met. 

The earnings of the Company for the year ending December 31, 1882, were : 

From tolls, wharfage and charges for terminal facilities $ I 6o,875 - 33 

From water rents, rents of houses and lands, and from various miscellaneous sources 8,927.34 

Total accrued revenue $169,802.67 

The expenditures for operating and maintaining the Canal, pay of officers, includ- 
ing the operating expenses of the basin wharf, and the outlet lock, were 180,408.12 

Thus showing the working expenses to have exceeded the gross revenue 10,605.45 

In addition to the ordinary expenses, there was paid for — 

Law expenses $4,607.00 

For deferred payments on purchase of Basin wharf property 15,000.00 

For interest on notes of Basin wharf property, temporary loans and 

coupons on repair bonds 12,152.81 

$3i,759-8i 

Showing the expenditure, (other than for lengthening locks), 

over the gross revenue, for the year, to have been $411365-26 

63 



YORK TURNPIKE CO. 

Capital Stock, (Par $10) $35o,oco 

Last Dividend, 35 cts. per share, January, 1881. 

BONDED DEBT. 

1st mort., 5 per cent., clue 1914 $75«coo 

Interest payable Feb. and Aug. 



FREDERICK TURNPIKE CO. 

Capital Stock, (Par $20) $597,100 

Last Dividend, x / 2 per cent., January, 1884. 



REISTERSTOWN TURNPIKE CO. 

Capital Stock, (Par $6) , $191,400 

171st Dividend. 2 per cent., January, 1884. 



BALTIMORE DRY DOCK CO. OF BALTIMORE CITY. 

Capital Stock, (Par $100) of which $110,000 are Bonds $365,500 

The entire Capital Stock of the Dry Dock Company (representing its actual cost without 
the site) is $365,500, of which $110,000 is represented by bonds, and upon which latter interest 
is regularly paid 1st June and 1st December. 

Being without a Lessee at this moment, no dividend was declared on the stock in September 
last. 



COTTON PRESS COMPANY OF BALTIMORE. 

Capital Stock, (Par $25) *££ #*£*■ 

Last Dividend, May 3d, 1882, 5 per cent. 

No bonded debt. 
64 



SUSQUEHANNA CANAL CO. 

Miles of Canal, 45. 

apital Stock, (Par $50) $2,002,746 

FUNDED DEBT. 

Iaryland Loan. 2d mort.. 6 per cent., due 1885 $1,000,000 

usquehanna Canal, common bonds, 3d mort., 6 per cent., 1918 1,323,000 

pref. " 1st " 6 •' 1894 227.500 

" 1st T. W. priority bonds, 6 per cent., 1894 97?8io 

" bonds of 1872, 4th mort., 7 per cent., 1902 250,000 

CITIZENS' PASSENGER RAILWAY CO. 

Xo. of miles of road, 20. 

"apital Stock, (Par $20) $500,000 

Last Dividend, Semi-annual, 3 per cent,, July, 1881. 

Xo Bonded Debt. 

The Citizens' Railway, which was opened in 1871, operates twenty miles of track, runs 35 
tars, drawn by 310 horses, and employs 125 men. The line extends from Druid Hill Park 
hrough Pennsylvania Avenue, Cumberland, Gilmor, Carey, Carrollton Avenue and Fayette to 
he centre of the city, and thence eastward by Lombard, Exeter and Pratt Streets to Patterson 
Park. 

BALTIMORE, CATONSVILLE & ELLICOTT'S MILLS PAS- 
SENGER RAILWAY CO. 

Miles of road, 6. 

Dapital Stock, (Par $20) $80,000 

Bonded Debt 80,000 

Annual Interest Charges , 4.800 

Two bonds of $1,000 are redeemable each year from January 1st, 1883, for sinking fund. 

The first suburban horse railway in operation in Baltimore was the Baltimore, Catonsville & 
Ellicott City Railway, which opened to Catonsville, six miles, in August, 1862, The company 
now runs eight cars, employing 38 men and 70 horses. 

CENTRAL RAILWAY CO. 



Capital Stock, (Par $50) $250,000 

Bonded Debt, list Mort.) 250,000 

The Central Passenger Railway has been in operation since February 1st, 1882. There are 
SH miles of double track, over the following route : Beginning at Lancaster Street and Broad- 
way, and running by Caroline, Preston, Biddle, Argyle Avenue, Dolphin Street, Myrtle Ave- 
nue, Lanvale Street and Fulton Avenue to Fulton Station, Twenty new cars are running, and 
the Company is doing a good business, with a bright future before it. 

65 



PEOPLES* PASSENGER RAILWAY CO. 

Miles of road, 10. 

Capital Stock, (Par 50) $250,000 

Bonded Debt, (1st Mort., 6 per cent.. Jan. & July) 100,000 

2d Mort., 6 per cent., April & Oct 75,ooo 

Road was placed in hands of a Receiver, January 13th, 1883. 

The Peoples' Passenger Railway opened for business August 14, 1879. The company has 10 
miles of track, 20 cars, and when in operation employs 140 horses and 70 men. The route is 
from Druid Hill Park to Fort McHenry, by way of Druid Hiil Avenue, Paca Street, through 
the southern part of the city to Fort Avenue, aud thence to the Fort gate. 



BALTIMORE CITY PASSENGER RAILWAY CO. 

Miles of road, 32. 

Capital Stock, (Par $25) $1,000,000 

Last Dividend, 5 per cent., Semi-annually, January, 1884. 
No Bonded Debt, 

The Baltimore City Passenger Railway Company operates five (5) lines, 32 miles of track, 
no cars, 920 horses, 500 employees. The White Line, beginning at the main entrance to 
Druid Hill Park, runs East on Madison Avenue to Eutaw Street, to Baltimore, to Broadway, 
to Thames Street. 

Green, or Canton Line, from Pennsylvania and Boundary Avenues, East, on Pennsylvania 
Avenue to Greene, to Baltimore, to Albemarle, to Eastern Avenue, to Bank, to Patterson Park 
Avenue, to terminus at Canton. 

Camden Station Line, from Baltimore and Eutaw, South, on Eutaw to Camden Station. 

Blue Line, from Ferry Bar, North on Marshall Avenue, to Light, to Montgomery, to Hano- 
ver, to Hill, to Sharp, to Baltimore, to Calvert, to Read, to Charles, to Boundary Avenue. 

Red Line, Western City Limits on Baltimore Street, East, to Gay Street, to Baltimore 
Cemetery. 



BALTIMORE AND HALL SPRINGS RAILWAY CO. 

Capital Stock, (Par $20) { ££; {\>*£ \ $70,100 

Bonded Debt, (1st Mort,) 50,000 

" 2d " 25,000 

The Hall Springs Railway was opened in 1872, and extends from the City Hall four and a- 
half miles out the Harford road. The road is operated by 32 men, 80 horses and 7 cars. 

66 



_U 



NORTH BALTIMORE PASSENGER RAILWAY CO. 

The North Baltimore Passenger Railway was opened November 23, 1872, from German and 
South Streets, by way of Charles, Saratoga, Howard Streets and Linden Avenue, to North and 
Mount Royal Avenues, two and-a-half miles, double track. The road has since been extended 
to Waverly by way of Charles Street and Huntingdon Avenues and St, Paul Street extended, 
the total trackage now being seven miles. The Central Cross Town Line, under the same 
management, from Franklin and Howard Streets west, by Fremont Street and Edmondson 
Avenue, to Fulton Avenue, one and-a-half miles, double track, was opened February 27, 1882. 
The road has been extended eastward by Howard and Centre Streets to Hillen Station and 
southward to Camden Station. A branch has also been constructed from Fremont and Ed- 
mondson Avenue to the bcundar} r at Linden Avenue. The company now runs 64 cars — 18 on 
the Cross-Town and 22 on the North Baltimore line, and 18 on other lines. Twenty new cars 
have been added since the completion of the Cross-Town Road. There are 180 men and 360 
horses now employed on the lines. 

Last Dividend, December, 1883, 3 per cent, 



UNION PASSENGER RAILWAY CO. 

Capital Stock, (Par $50) $700,000 

The Union Passenger Railway, extending from Huntingdon and Maryland Avenues, south- 
ward, by Park Avenue, Liberty, Howard and Conway Streets, to Light Street Wharf; thence 
westward by the same route to Lombard, to Gilmor, to Pratt Street and Frederick Avenue, 
was opened in July, 1882. The company also operates a line from their Huntingdon Avenue 
terminus to Hampden. There are about 20 miles of single track, upon which 19 cars are run. 
The company has 300 horses and employs 150 men. A new line has been opened, beginning 
at Columbia Avenue and Bayard Street, in the southwestern part of the city, extending along 
Columbia Avenue to Paca, to Camden Station, where the tracks of the Union Line are used 
northward to Park Avenue and Dolphin Street, where it diverges, running out John Street to 
the boundary. 



CANTON COMPANY OF BALTIMORE. 

This Company owns about twenty six hundred (2,600) acres of land, with numerous wharves 
on miles of deep water located partly in the City of Baltimore, and adjoining it on the east. 

The Union Railroad traverses this property in every direction, giving great facilities to its 
great industries. As a manufacturing centre, it is rapidly growing. 

Capital Stock, 44,300 shares, at $100 each $4,430,000 

FUNDED DEBT. 

1st mort., 6 per cent., Gold bonds, 1904 $1,589,000 

Purchased and cancelled by Trustees prior to June 1st, 1883 916,000 

$673,000 
Amount of Bonds drawn November 24, 1883, being the 6th call, and for the redemp- 
tion of which the Trustees have the funds in hand $350,000 

Balance of Bonded debt $323,000 

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Canton Company of Baltimore — Continued. 

Extract from Report, May 31, 1883: 

Cash balance, June 1, 1882 65.237.32 

From Rents, sales, &c 118,678.00 

From Special Bond account 513,023.48 

$696,938.80 

Taxes, interest, current expenses and improvements $166,864.36 

Special Bond account 513.023.48 

Balance in Bank , 17,050.96 

$696,938.80 



UNION RAILROAD. 

Road connecting the Northern Central Railway in Baltimore with tide-water at Canton, and 
with the Philadelphia, Wilmington & Baltimore Railroad at Bayview Junction. Also through 
the Northern Central Railway, forming connection with the Baltimore and Potomac and 
Western Marj-land roads. 

Length of road to Bayview Junction 3.50 miles. 

" '' " '' Canton Wharves (about) 5.12 '' 

Total (about) 8.63 " 

Capital Stock $600,000 

Bonded Debt 1.500,000 

Gross Earnings last 10 months of year, 1882 229,443.83 

Expenses 27,009.31 

Net Earnings $202,434.52 

This road was purchased in February, 1882, by the Northern Central Railway Company from 
the Canton Company ; the Northern Central Railway Company paying par for the capital 
stock ($600,000) and assuming payment of the mortgage bonds ($1,500,000). 



BALTIMORE STEAM PACKET CO. 

Capital Stock, (Par $1,000) $400,000 

No Bonded Debt. 

The Steamers of this line run daily between Baltimore and Norfolk and make connection at 
Portsmouth with the Seaboard & Roanoke Railroad. 

Besides the elegant passenger steamers Virginia, Florida and Carolina, the Company owns 
numerous freight steamers. 

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CHAMBER OF COMMERCE BUILDING CO. 

Capital Stock. (Par$ioo) $200,000 

BONDED DEBT. 

1st mortgage, 5 per cent.. 1911 $300,000 

The Company has the option of redeeming the bonds after 10 years, at 105. 



SAFE DEPOSIT AND TRUST COMPANY OF BALTIMORE. 

Capital Stock, (Par $100) $500,000- 

Last Dividend, 3 per cent., Semi-annual, January. 1884, free of taxes. 



BRUSH ELECTRIC CO. 

Capital Stock, (Par $100) $500,000 

The Brush Company have a contract with the City of Baltimore at 70 cents per lamp, to light 
a portion of the streets of the city. 

The original capital stock of the Brush Electric Company was $200,000. It was increased 
$100,000 by a stock dividend, and subsequently $200,000 by additional subscription. 



MERCHANTS' & MINERS' TRANSPORTATION CO. 

Capital Stock, Par $100 $1,000,000 

Last Dividend, Semi-annual, 4 per cent., January, 1884. 

This Company has in operation the following lines : — Boston, Norfolk, Washington and Bal- 
timore ; Providence, Norfolk, West Point and Baltimore; Savannah and Baltimore; and 
Baltimore & Charleston. 

The Company owns the following Steamers — Alleghany, Berkshire, D. H. Miller, Johns 
Hopkins, William Crane, William Lawrence, George Appold, William Kennedy, Saragossa, 
Blackstone and McClellan. 



BALTIMORE WAREHOUSE CO. 

Capital Stock, (Par $20) $500,000 

Surplus 50,000 

Last Dividend, 3 per cent., Semi-annual, January, 1884. 



NEWBURG ORREL CO. 

Capital Stock, (Par $25) $500,000 

Last Dividend, 3 per cent., Semi-annual, June. 1883. 



ATLANTA & CHARLOTTE AIR LINE. 

(Leased to Richmond and Danville.) 

Road owned, Charlotte, N. C, to Atlanta, Ga., 269 miles, Locomotives, 30; cars, 406. 
Stock $1,700,000 

FUNDED DEBT. 

Preferred mortgage bonds, 7 per cent., due 1897 $500,000 

Mortgage bonds, 7 per cent., due 1907 4,250,000 

Income bonds, 6 per cent., non-cumulative 1,048,000 

Total $5i798,ooo 

Annual interest charge, including income bonds 395*380 

The Richmond & Danville Company leased the road from March, 31, 1881. The rent paid is 
interest on bonds and 5 per cent, on stock. If in any year the gross earnings exceed $1,500,000, 
the stock dividend is to be 6 per cent.; if they reach $2,500,000, then 7 per cent. 

EARNINGS. 

Gross. Net. Fixed Charges. Surplus. 

1879 $777,298 $251,621 $35>°°° $216,621 

1880 951,688 364,138 337i7°° 26,438 

1881 (nine months to September 30) 744,618 180,536 ,. 

1883 1,074,015 397. x 74 

Last Dividend, 2% per cent., March 15, 1884. 

The reports hereafter will be included in those of the lessee. Up to 1880 interest was paid 
only on the preferred bonds. 



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